51,602 more properties sold over the past year would have been within reach of first-time buyers, based on recent changes in lending assessments, according to new analysis of Land Registry data by Leeds Building Society.
This is equivalent to an increase in 65% more homes within reach of aspirational buyers in England and Wales, thanks to changes made by mortgage providers following adjustments to the rules on the proportion of higher loan-to-income lending they can advance.
Before these changes, a first-time buyer with a 5% deposit could have accessed homes worth up to £141,000 when borrowing from Leeds. Using Land Registry data from 1st July 2024 and 31st June 2025, Leeds Building Society has calculated that the number of homes that would have been affordable to eligible first-time buyers had the lending rules been in place rose to 143,017 up from 86,915, an increase of 65%.
Following the new permissions made available by the PRA in July, Leeds Building Society changed its affordability assessments for first-time buyer mortgages, meaning that single or joint applicant earning £30,000 could borrow up to 95% loan-to-value. This has meant that first-time buyers on this salary could borrow up to £165,000, and therefore buy a home worth £173,000.
Martese Carton, director of mortgage distribution at Leeds Building Society, said: “Affordability remains a challenge for many would-be homeowners, with house prices still outpacing wage growth in several regions. But brokers should be reassured to know that a £30,000 income is enough to help their clients achieve their homeownership dreams.
“According to our analysis the number of homes available to buy has increased hugely as a result of affordability changes made across the market, and increasing our maximum loan for those earning £30,000 or more means that 65% more properties would have been within reach.”
Rachel Geddes, strategic lender relationship director at Mortgage Advice Bureau, added: "It’s an undeniable fact that affordability remains the single biggest hurdle for aspiring homeowners. Our research shows 65% of renters aspire to buy, yet a discouraging 27% believe homeownership is completely out of reach.
“The truth is, many aspiring buyers simply don't realise they're in a position to get on the property ladder. Our job as brokers is to change this narrative and raise awareness of the innovative mortgage products available."
