House dreams dashed

The rise in house prices has outpaced salaries over the past year. Add that to the soaring cost of living and it makes it even harder for people to keep up, let alone put enough money aside for a deposit.

As dreams of home ownership slip further out of sight, they’re stuck in rented properties at ever-increasing prices. It’s a never-ending cycle. At the same time, a rise in interest rates is just around the corner.

This means mortgages will be even more expensive to repay. The problem is the credit market was created for banks, not customers, and people can’t access the information they need to understand what’s holding them back.

After almost two years of a pandemic that has given many the biggest financial shock of their lifetime, we have a responsibility to support those who are struggling.

ALASTAIR DOUGLAS, London W1.