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‘Most and least affordable’ London areas for first-time buyers named
Nationwide reports Inverclyde homes cost 2.3 times local earnings while Kensington and Chelsea homes cost 13.9 times earnings, highlighting stark UK affordability gaps.
- Nationwide Building Society analysis reveals stark affordability disparities across Britain, with Inverclyde in Scotland most affordable at 2.3 times local earnings, while London's Kensington and Chelsea is least affordable at 13.9 times earnings.
- NAEA Propertymark president Mary-Lou Press noted that while Nationwide data "highlights a mixed picture for first-time buyers," around 70% of local authorities recorded affordability improvements over the past year.
- Data from Moneyfacts shows average two-year fixed-rate mortgages rose from 4.83% to 5.35% since early March, with five-year fixed rates increasing from 4.95% to 5.39%.
- James Nightingall, from property search service HomeFinder AI, said many first-time buyers are "priced out" of central London, seeking homes in zones three to six or continuing to rent while saving larger deposits.
- Following the Bank of England's decision to hold the base rate at 3.75%, market expectations remain volatile amid "Trumpflation" fears and Middle East conflict pressures, driving higher lender funding costs.
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Nationwide Building Society reveals 'most affordable areas' for buyers as mortgage bills could rise by £1,500
Nationwide Building Society has revealed the most affordable areas in the UK for homebuyers ahead of a potential spike in mortgage rates, which could repayments surge by £1,500 a year
·London, United Kingdom
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Coverage Details
Total News Sources12
Leaning Left4Leaning Right1Center5Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 40%
C 50%
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