Monthly repayments for FTBs now average £949 a month, having reached £1,096 in July 2023. This is based on the cost of a property with two bedrooms or fewer, with a 30-year mortgage term and 20% deposit. The reduction is partly due to the fall in the CPI inflation rate, which decreased from 6.8% in July 2023 to 2.2% in July 2024.

FTBs in London will have experienced the most significant drop in their monthly mortgage bill, but they are still likely to be paying more than other areas of the UK. Average UK wages went up by 4% year-on-year, which has also helped improve affordability.

*Rightmove, 2024