Money Box Live: Home Ownership Dreams
Summary
Money Box Live delves into the complex journey of first-time homeownership, highlighting how rising house prices and stricter mortgage regulations demand larger deposits, delaying purchases for many. Experts discuss innovative mortgage products and the significant impact of recent stamp duty changes. The episode features personal stories, emphasizing the vital role family support often plays and offering advice for aspiring buyers to navigate the challenging property ladder.Episode description
Politicians, banks and builders all talk about the dream of homeownership, but it's not easy to get on the property ladder.
New figures given to Money Box Live show that, even though the Bank of England has reduced interest rates, it's now more expensive for a first-time buyer with a 10% deposit than it was two years ago.
In this Money Box Live we hear from someone trying to save enough for a deposit, someone trying to navigate through conveyancing to complete their sale - and someone who overcame the obstacles and challenges to move into their dream home.
Felicity Hannah is joined by Sarah Tucker, Director and Founder of the broker the Mortgage Mum and Emily Williams, Director, Residential Research at the estate agent Savills.
Presenter: Felicity Hannah Producers: Sarah Rogers and Catherine Lund Editor: Jess Quayle
(First broadcast at 3pm on Wednesday 26th February 2025)