House prices still growing faster than wages – Trussle CEO Ishaan Malhi comments
Ishaan Malhi, CEO and founder of online mortgage broker Trussle, comments on the latest ONS House Price Index figures released today.
“House price growth may be relatively slow at the moment, but prices are still rising faster than wages, making the journey to home ownership increasingly tricky for first-time buyers. On average, a year’s take home pay is little over 50% of the average first-time buyer deposit. For younger people, the situation is especially tough. But there are steps to take that can help.
“To get on the property ladder these days you need a clear savings plan, and you’ll need to be realistic about what and where you can afford. When it comes to the mortgage process, buyers should avoid unnecessary costs wherever possible. Using a free online mortgage broker can save as much as £500 on broker fees, and making sure to include lender fees when comparing deals rather than just looking at the rate could save as much as £390 a month.”
Kindly shared by Trussle