Money Box Money Box Live: Home Ownership Dreams
Mar 26, 2025
Emily Williams, Director of Residential Research at Savills, and Sarah Tucker, Founder of The Mortgage Mum, share valuable insights on the current housing market. They discuss how rising costs make homeownership daunting, especially for first-time buyers. The conversation covers the challenges of saving for deposits, navigating mortgage processes, and new stamp duty changes that leave some buyers disadvantaged. Their expert advice aims to empower potential homeowners, highlighting real-life stories of perseverance in achieving homeownership dreams.
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Ruth's Saving Journey
- Ruth, a 35-year-old in Birmingham, is saving to buy a home with her husband.
- They have £7,000 saved and aim for a £30,000-£50,000 deposit, adding £200-£400 monthly.
Rising First-Time Buyer Age
- The average first-time buyer age has increased to 33-34 (UK) and 35 (London).
- This shift is due to rising house prices outpacing income growth, requiring larger deposits.
Seek Current Advice
- Seek current advice, as innovative mortgage products exist for first-time buyers.
- Explore options like Skipton's track record mortgage, utilizing rental history to reduce deposit needs.