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The Guardian - UK
The Guardian - UK
Business
Julia Kollewe and Mabel Banfield-Nwachi

What is happening to the UK homebuying and rental markets?

Estate agent window
The years of cheap mortgages have ended. Photograph: Adam Vaughan/EPA

For Joe, a youth worker in his 20s, soaring rents have made living and working in London precarious.

“Our rent costs 50% of our combined wage before bills,” says Joe, who shares with his partner, a receptionist. They pay £1,450 a month for a “very small” one-bedroom flat. The couple’s tenancy agreement expired recently and they now have a casual agreement with the landlord to stay in the flat.

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