Money Tips Daily By Charles Kelly, Former Ifa And Author Of Yes, Money Can Buy You Happiness.

London first time buyers will need an extra £34,500 of income on average due to rising interest rates · Sterling crisis could drive up interest rates · First time buyers are the largest buyer group in the country but they’re about to be hit with higher interest rates. Here’s what’s happening and how you can offset the rising rates. Key takeaways · First time buyers, the largest buyer group in the UK with nearly 177,000 transactions so far in 2022, will need an average of £12,250 more on their income to get a mortgage based on 4% interest rates · A whopping £34,500 extra is needed in the London market, but less than £5,000 in more affordable regions · Property interest among FTBs is up by 46% year on year as they drive the market from the bottom up. · More than half of their enquiries for three bedroom homes and an average price 10% higher than this time last year (£269,000). · FTBs are looking further afield in cheaper areas to buy a home, meaning less time spent saving up for a deposit. · Zoopla data shows t