mortgage rate

This elevated mortgage rate is making homeownership out of reach, especially for younger households just starting out.

Like now, as the market has softened, primarily because high interest rates put a monthly mortgage rate out of reach for many.

The average two-year fixed mortgage rate is 5.15%, according to financial information company Moneyfacts, and a five-year deal is 5.08%.

As of 6 May, the average two-year fixed mortgage rate was 5.16%, according to financial information company Moneyfacts, and a five-year deal was 5.09%.

Buyers facing that scenario "took advantage of greater family support to try and secure a deal at a lower mortgage rate", according to Lucian Cook, head of residential research at Savills.