Why it’s so difficult to buy your first house in London
The number of 20- to 34-year-olds living with their parents in the United Kingdom has risen by 49% since the turn of the century, data from the country’s Office of National Statistics shows.
Rising house prices, high rents and low salaries are to blame, according to Michael Edwards, a University College London lecturer and expert on the relationship between property markets and planning.
He said those factors prevent young people from getting on the London property ladder.
“The housing system in London is pretty disastrous,” Edwards told CNBC. “For at least half the population, they are paying through the nose, very high prices for rent, or to save up to get enough deposit together to get a mortgage to buy.”
So why are London houses so expensive? Watch our video to learn more.
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CNBC International TV: https://cnb.cx/2NGytpz
Mon, 11 Apr 2022 09:04:26 GMT