First time buyers face ‘moving finish line’ due to property prices

• New data reveals that rising house prices are significantly extending the time it takes for first-time buyers in Britain to save for a deposit.
• Analysis by Moneybox indicates that a typical first-time buyer saving consistently from 2021 would find themselves needing an additional nine months to catch up with house price inflation by 2025.
• This challenge, termed the “moving finish line”, means property values are increasing faster than savings, pushing homeownership further out of reach.
• Despite aspiring buyers increasing their average monthly savings, a significant majority (71 per cent) now anticipate a longer wait to purchase their first home.
• The cost of living, escalating house prices, and high rental costs are cited as primary obstacles, leading many to delay purchases, compromise on location, or lower property expectations.

IN FULL

Rising house prices leave first-time buyers chasing moving target