London’s escalating housing affordability crisis “intensified” over the past year as the cost of owning a home jumped £650 a month despite a backdrop of falling house prices.
This had caused some first-time buyers to abandon hope of getting on the ladder, homeowners have been caught out by rising mortgage repayments and soaring rents have forced young tenants from the capital, after the disastrous mini-budget of September 2022 marked the beginning of an unprecedented flurry of interest rate rises.
