98% Can’t Afford to Buy! | Mortgage Market Update

With interest rates shifting and affordability under pressure, this episode offers some perspective into why so many people still can’t get onto the property ladder and what’s changing in the mortgage world right now. Phil Spencer is joined by Charlotte Harrison, CEO of Homes at Skipton Building Society, to discuss the current market conditions, why demand from first-time buyers remains strong, and why research shows as many as 98% of young adults living with parents still struggle to afford the average first time buyer home in their local area.

Chapters

• 00:00:00 Introduction
• 00:00:39 Current state of the mortgage market
• 00:02:00 Are interest rates historically normal?
• 00:02:47 The real cost of homeownership today
• 00:03:45 Skipton's Affordability Index explained
• 00:05:29 98% can't afford to buy in their local area
• 00:07:14 Innovative mortgage solutions from Skipton
• 00:09:11 Partnership with Move iQ for first-time buyers
• 00:10:29 How building societies differ from banks
• 00:13:14 Top tips for getting a mortgage today
• 00:14:28 Advice for existing mortgage holders
• 00:16:26 Future of interest rates and mortgage innovation

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