In the news

A new survey¹ highlights the growing influence of social media on first-time buyers, with 75% admitting to experiencing ‘house envy’ after seeing friends, influencers or peers share their property milestones online. While aspirational content can inspire, it can also create unrealistic expectations, with many buyers comparing their budgets to picture-perfect homes showcased on social platforms. Encouragingly, the research found that social media is also driving greater engagement with financial planning, as buyers increasingly research property values and affordability. The findings underline the importance of an adviser’s role in helping clients balance aspiration with realistic, achievable homeownership goals.

The Bank of England has warned that more than five million homeowners are now expected to face higher mortgage repayments by the end of 2028, around one million more than previously forecast. Geopolitical tensions and higher energy prices have pushed up inflation expectations, reducing the likelihood of lower borrowing costs in the short term. While the average homeowner coming off a fixed-rate deal over the next two years is expected to see monthly payments rise by around £45, some borrowers on lower rate mortgages could face much steeper increases. This highlights the importance of reviewing mortgage arrangements early and planning for potential payment shocks.

¹Mojo

As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.