The average monthly mortgage repayment has reached £931, some £350 more than just five years ago, leaving homeowners under the pressure of rising costs.

Figures from property site Rightmove (RMV.L) showed that the average monthly mortgage payment for first-time buyers has surged to £931, up £353 from £578 five years ago, although it remains over £150 cheaper than the peak recorded in July 2023.

These calculations assume a 20% deposit and a 30-year mortgage on homes with two bedrooms or fewer. Current average fixed mortgage rates stand at 4.58%, a significant rise from 2.13% in 2019, translating to a 61% increase in payments over the past five years.

Meanwhile, the average cost of a first-time buyer home has risen 18% to £227,570, compared to £192,221 in 2019.

Amid high borrowing costs, first-time buyers are delaying their purchases. The average age of first-time buyers has climbed to 33 from 32, with the average mortgage term extending to 31 years, up from 29, according to UK Finance data.

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The figures also revealed significant regional disparities. In London, a starter home now costs nearly five times the average annual salary of a two-person household, making it difficult for buyers to secure loans.

In the North West, monthly mortgage payments have surged by 75%, while asking prices have risen by 29%. Yorkshire & The Humber has also seen a 74% rise in payments, contrasted with only a 25% increase in average wages — marking the largest gap in the country.

Current borrowing criteria, which cap loans at 4.5 times a combined income with a stress test rate of around 9%, aim to prevent buyers from overextending themselves. While lenders are exploring ways to assist first-time buyers within this regulatory framework, a broader review of affordability criteria could provide a significant boost, according to Rightmove.

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Matt Smith, Rightmove’s mortgage expert, said: “Market regulation has successfully prevented overstretching, but many first-time buyers find themselves priced out due to stringent borrowing limits and rising mortgage rates. The regional analysis underscores multiple obstacles, compounded by payments that outpace wage growth.”

Tim Bannister, Rightmove’s property expert, added that while market conditions have improved since last year, high mortgage rates continue to impact affordability. Many first-time buyers are now opting for longer loan terms and exploring less expensive areas to enter the housing market.

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