Medway FTB Homes Are 12% More Affordable Than 18 Years Ago.

If you listened to the doom merchants, you would think first-time buyers (FTB) in Medway had no chance at all. According to the loudest voices, buying a first home is impossible, the ladder has been pulled up, and the only people who buy their first homes today are lottery winners or those with wealthy parents. The story is always the same. Prices up, wages squeezed, and doors slammed shut.

Yet when you scratch beneath the surface, the facts tell a very different story. In truth, the numbers completely overturn what many people believe. They also offer something precious. Hope. Real hope, backed by evidence rather than headlines.

Let us start with the part that always shocks people. Medway starter homes have increased in value by 65.6% since 2007 (18 years ago). At first glance, that looks like an affordability disaster. The average first-time buyer home in Medway now sits at £240,000, and the average salary is £26,505. If that is all you looked at, you would be forgiven for thinking first-time buyers have been frozen out.

But the headline price and average salary are not the real story. What matters is the mortgage's monthly cost as a percentage of take-home pay. That is the accurate measure of affordability.

And this is where everything changes.

In 2007, a Medway first-time buyer household spent 49.5% of its take-home pay on mortgage payments. Today, that figure is 43.6%. That is a 11.9% proportionally lighter burden on today’s first-time buyers' household budgets compared to those of first-time buyers in 2007.

Yet it gets even more interesting when we go back to the late 1980s.

In 1989, a Medway first-time buyer household spent 74.1% of its take-home pay on a mortgage, meaning mortgage payments take 41.2% less of today’s first-time buyer household budget than in 1989.

This shows that Medway's first-time buyer affordability is not a recent thing; it is a long-term moving trend.

People then ask why this has happened. The answer lies in a combination of rising real household incomes, (UK wages are 139% higher than 1997 but a lot of that is inflation. Yet even when we strip out inflation, wages are still 23% higher in real terms), lower interest rates than the painful levels seen in the late eighties, and the structure of modern mortgage products (repayment mortgages of 30/35 years as opposed to endowment mortgages of 25 years). Also, for context, interest rates in 1989 were 14.88%. Even an average home buyer had very little room to breathe when such a large part of their income was swallowed by interest alone.

Of course, Medway itself has changed. Improved transport links and local investment have attracted more young professionals and families. Developers have brought forward new homes. The mortgage market has also expanded, with longer-term products and competitive rates. All of this feeds into affordability.

There is another factor that rarely gets the attention it deserves. Rents are rising at a pace that makes home buying look increasingly attractive. A fixed-rate mortgage gives you stability. Your payment is your payment. Renting does not offer that. Every year, you can be hit with increases that provide no long-term benefit. Many people find that their mortgage payment is not dramatically higher than their rent, and in some cases, it is lower.

This brings us to the biggest hurdle for most first-time buyers - the deposit.

The newspapers love to talk about the average first-time buyer deposit. In 2025, according to UK Finance Key Mortgage Market data, the average was £80,471 for the South East. It is an eye-watering figure that scares people into believing they must find that amount.

But this average is misleading. It reflects the choices of buyers who want lower interest rates or who have family support. It is not the minimum needed.

The minimum deposit is 5%. A 95% mortgage is perfectly normal, and has been for more than sixteen years. If you have a solid credit history and stable income, lenders will look at you favourably. Some lenders even offer 100% mortgages, though these require strong credit ratings and are not for everyone. Still, the point stands. The idea that you must save £80,000 or more is not accurate for most buyers.

At the time of writing, the best 95% 5-year fixed rate deal is 4.7%. A 75% mortgage sits at 3.8%. Yes, the bigger the deposit, the better the rate, but the absence of a huge deposit does not put Medway homeownership beyond reach. You can also reduce your monthly payment by choosing a longer term, something many Medway first-time buyers may wish to do.

Homeownership also creates something that renting never will. Equity. Every payment is a step towards owning an asset. Rent gives you shelter but nothing else. When you retire, owning your Medway home puts you in a far stronger position. Relying entirely on rental support from the local authority, with their limits on what support can be offered, often means downsizing, whether you want to or not.

The truth is simple. Raising a deposit is tough. No one denies that. It takes discipline, sacrifice and patience. Yet once you get past that hurdle, the affordability of the monthly mortgage is far better than people think. The numbers prove it.

Buying a first time home in Medway is not easy, but it is possible. And for many families, that realisation alone will be a breath of fresh air.