Just four Premier League locations fail to qualify for mortgage affordability boost this season
The latest research from award-winning mortgage adviser, Alexander Hall, has revealed that, due to falling mortgage rates, all but a handful of Premier League teams have seen the average cost of a mortgage within their respective local authorities reduce over the last year, with Newcastle, Liverpool, Everton and Sunderland the only teams to have seen an increase.
Alexander Hall analysed* the current market in each Premier League local authority, looking at the average monthly cost of a mortgage repayment and how this cost has changed over the last year.
The research shows that when it comes to the most expensive Premier League mortgage, Chelsea and Fulham top the table, with the average mortgage costing £3,708 per month across Hammersmith and Fulham, closely followed by Arsenal at £3,275 per month.
However, whilst these London rivals may boast the highest monthly mortgage costs in the Premier League, they’ve also seen some of the largest improvements to mortgage affordability over the last year.
The average cost of a mortgage in Islington, home to Arsenal, has fallen by 15% in the last 12 months, whilst across Hammersmith and Fulham, home to both Stamford Bridge and Craven Cottage, the average cost of a mortgage is down 13.2%.
In Newham, home to West Ham United, the average mortgage payment is down by 8.4% annually, whilst Bournemouth has seen the largest reduction outside of London, with a 6.3% drop.
Manchester City and Brighton & Hove Albion have both seen the monthly cost of a mortgage payment in their respective local authorities fall by 5.9%.
In fact, improvements to mortgage affordability across the Premier League are widespread, with just four teams experiencing an increase in the cost of a mortgage over the last year, driven by far higher rates of house price growth when compared to the rest of the table.
Newcastle has seen the largest increase in the average monthly mortgage cost with a 4.4% annual increase, whilst rivals Sunderland have seen a 1% uplift.
Bitter rivals Everton and Liverpool have also seen a 2.8% increase in the average monthly cost of a mortgage across the Liverpool local authority.
Stephanie Daley, Director of Partnerships at Alexander Hall, commented:
“As football fans gear up for the return of the Premier League, there’s even more reason to cheer this season. Improvements to the mortgage landscape over the last year have seen the monthly cost of a mortgage reduce across all but a few Premier League locations.
This is great news for those looking to climb the property ladder or for homeowners nearing the end of their fixed-term deals, who stand to benefit from lower monthly payments versus last season, giving them a little extra budget to secure that all-important matchday ticket.
Unfortunately, not every Premier League location has seen improvements to mortgage affordability, with Newcastle fans facing the largest increase versus last season. Although lifting their first trophy in 56 years should help ease the pain.”
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