
That’s according to Rightmove, which said that first-time buyers now pay an average of £931 per month, compared to just £578 in 2019 – representing a 61% increase.
Despite the sharp rise, monthly mortgage payments are still £150 down on their 2023 peak, said the property portal.
Why the rise?
The average asking price of a typical first-time buyer type of property is up by 18% over five years (to £227,570), but rocketing rates have made it more expensive to borrow.
The average five-year fixed mortgage rate for someone with a 20% deposit is now 4.58%, compared with 2.13% in 2019.
Regional split
First-time buyers across the country are not affected in the same way, said Rightmove.

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In London, the average asking price for a first home is nearly five times the average annual salary of two people. This means that many first-time buyers may struggle to borrow enough to afford the home that they want, with lenders typically able to loan up to four-and-a-half times a combined income. Those looking to purchase on their own would find it even more difficult.
In the North West, average mortgage payments have rocketed by 75% compared to 2019, while the average asking price for a home is up by 29% over the same period, the highest increase of any region.
Tim Bannister, Rightmove’s property expert, said: “The improving market conditions compared with last year have led to a recovery in activity in the typical first-time buyer sector. We’re seeing more choice in this sector for would-be first-time buyers, and more potential buyers contacting agents versus last year.
“However, mortgage rates, while improved from the peak, are still high against recent norms. This has led to first-time buyers taking out longer terms, waiting longer to build up their deposit, and looking at cheaper areas to get onto the ladder. First-time buyer affordability remains stretched and any support that can help more to get onto the ladder would be welcome.”
Related: Have your voice heard on improving the home buying process