The proportion of monthly payments for first-time homebuyers in the UK exceeding rent has hit a ten-year high.

1. According to data from the UK real estate agency Hamptons, over half of first-time home buyers in the UK last month had monthly mortgage payments higher than the rent they previously paid. In September, 56% of first-time buyers faced monthly payments that exceeded their former rent, marking at least the highest proportion in the past decade, with an average additional outlay of £39 (approximately $52) per month.2. Data from Moneyfacts shows that the average interest rate for five-year fixed-rate mortgages in the UK rose to 6% this month, reaching this level for the first time in nearly three years.3. Beveridge, Head of Research at Hamptons, stated that when interest rates were low, the economic advantage for renters to purchase homes early was quite clear; however, higher mortgage rates have completely changed this situation, meaning that buyers can no longer immediately save money. She added, though, that there are still long-term benefits to owning a home, such as building home equity and gaining greater housing security.