Soaring interest rates mean owning a home is ‘in another universe’ for millennials and Generation-Z
Having recently moved back home to Liverpool, the strategy adviser had hoped he could save up for a deposit on a house. But after the Bank of England’s interest rate announcement on Thursday, he was left disappointed.Thein an attempt to stop soaring inflation, which is expected to peak at over 13 per cent by the end of the year.
Theoretically, the rise in interest rates should decrease house prices because fewer people will be able to buy property and more homes will be repossessed as homeowners are unable to keep up with mortgage payments.first-time buyers are having to push aside the dream of owning a home. “Because I’m so far away from the point of being able to buy a house, the rising interest rate – making it even more unattainable – almost doesn’t affect me that much,” she toldThe master’s student is in the process of moving to London, where she will spend the next three years doing a PhD, so fears she will not be able to save up.“Saving enough money to get a mortgage doesn’t look very possible on my own.
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