First-time homebuyers face rising costs in UK and US markets

First-time homebuyers in the United Kingdom and the United States are facing significant affordability challenges due to rising house prices and economic pressures.

In the UK, the average house price has reached £272,000, representing a 2.0% year-on-year increase. While the average deposit in England is reported at £78,131, the median figure is lower at £36,500. Data indicates that 43% of buyers provide a deposit between 10% and 19%, and approximately 31% receive financial assistance from family or friends.

In the US, aspiring homeowners are increasingly considering non-traditional financial strategies to overcome high interest rates and limited inventory. According to a survey, 74% of respondents would consider a 50-year mortgage, and a significant portion of younger generations would consider using retirement accounts for a purchase. While 81% of US first-time buyers remain optimistic about homeownership as a long-term investment, many are adjusting their timelines and budgets to manage the costs.