Expert highlights housing repayment hikes

Nicholas Leeming, director of property website propertyfinder.com, claims the average mortgage repayment for the British homeowner has increased by £120 per month compared with the same month in 2006.

“On top of that, the typical first time buyer has now been dragged back into the chancellor’s stamp duty net, so he has to find £1,250 to pay the tax bill too,” the property expert made clear.

“Buying a home today will therefore cost today’s first time buyer £2,625 more in the first year than a similar buyer last Easter,” he continued.

Mr Leeming’s comments came in the wake of figures from the Council of Mortgage Lenders which demonstrated that fear of increased debt management pressures has seen homebuyers increasingly opt for fixed-rate mortgage deals.

A recent report from the Consumer Credit Counseling Service suggested that British homeowners look likely to be “on the rack” throughout this year.