London’s housing affordability crisis has intensified over the past year, with the cost of owning a home jumping £650 a month despite falling house prices. This has caused first-time buyers to give up on homeownership, while rising mortgage repayments and soaring rents have forced young tenants out of the capital. The Bank of England raised the base rate seven times in 12 months to curb inflation, leading to a doubling in the average mortgage interest as a percentage of income. This has put immense pressure on tenants and homeowners, who are now grappling with higher housing costs.
meet the Londoners caught out by ‘astronomical’ rent rises and mortgage mayhem