Barratt Redrow’s departing chief executive David Thomas says the UK is seeing the toughest conditions for first-time buyers since the 2008 financial crisis. Speaking publicly about the state of the housing market, Thomas attributes the worsening affordability to a combination of factors. He points to higher interest rates, which increase the cost of mortgages, and says higher levels of student debt add to pressure on household budgets. He also highlights a squeeze on wages, reducing how much income many younger buyers can put toward deposits and monthly repayments. Both outlets report that Thomas describes the situation as “challenging” and “very, very difficult” for young people trying to enter the property market for the first time. The comments reflect broader concerns about whether younger buyers can still access mortgage finance and afford homes as borrowing costs remain elevated and financial pressures on earnings persist.
Barratt Redrow chief says first-time buyers face hardest conditions since 2008
Barratt Redrow’s departing chief executive David Thomas says the UK is seeing the toughest conditions for first-time buyers since the 2008 financial crisis. Speaking publicly about the state of the ho...
- Barratt Redrow chief executive David Thomas says the current environment for first-time buyers is the hardest since the 2008 financial crisis.
- He cites higher interest rates as a key factor making mortgages more expensive.
- Thomas says higher student debt adds financial pressure for young buyers.
- He also links the difficulty to wages being squeezed.
- The comments are directed at young people trying to get onto the housing ladder.
Barratt Redrow chief executive David Thomas , said that it was a 'challenging, very, very difficult' time for young people who are trying to get their foot on the property ladder.
3 months agoBarratt Redrow boss says rising interest rates, higher student debt and squeeze on wages hitting property dreamBusiness live – latest updatesThe boss of Britain’s largest housebuilder has said it is the most challenging time to be a first-time buyer since the financial crisis, as the dream of home ownership moves increasingly out of reach for many young people.A combination of rising interest rates, higher levels of student debt and the squeeze on wages is making it “challenging, very, very difficult” for young people to get on the housing ladder, according to David Thomas, the departing chief executive of Barratt Redrow. Continue reading...
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