The monthly mortgage payments for first-time buyers have surged by over 60% to surpass £1,000 a month since the last general election. This increase highlights the growing financial difficulties faced by individuals attempting to enter the property market. In the past five years, the average monthly mortgage payment for a typical first-time buyer in Great Britain has climbed by 61% to reach £1,075, up from £667 in 2019, as reported by the property website Rightmove. This significant rise in mortgage costs has forced many borrowers to consider purchasing smaller homes or opting for longer loan terms. The combination of escalating house prices and rising interest rates has contributed to this substantial increase in mortgage payments, making it increasingly challenging for first-time buyers to afford a property.

Interest rates are expected to decrease, particularly in Europe. The European Central Bank is showing signs of preparing to lower interest rates before the U.S. Federal Reserve.