Home buyers born in the late 1990s, known as Gen Z, will be paying on average £1,739 a month in mortgage repayments, according to research from estate agent Hamptons. Those born in the 1980s to mid-1990s, who are considered millennials, by comparison, will have been paying around £863 a month when buying their first house, once adjusted for inflation.
Baby boomers – born between 1946 and 1964 – will have paid an average of £775 a month and a first time Generation X buyer, born between 1965 and 1980, a £923 monthly payment.
The combination of near-record house prices and the increase in mortgage rates, which are not expected to drop below pre-Covid levels, means Gen Z buyers, on average, are forecast to pay £104,000 in repayments over the first five years of their mortgage.
This story is from the October 08, 2024 edition of The Independent.
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This story is from the October 08, 2024 edition of The Independent.
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