Why London is so expensive for first-time buyers


The number of 20-34 year-olds living with their parents in the U.K. has risen by nearly 50% since the turn of the century. So why are young people, particularly in London, struggling to get on the property ladder?

The number of 20- to 34-year-olds living with their parents in the United Kingdom has risen by 49% since the turn of the century, data from the country’s Office of National Statistics shows. 

Rising house prices, high rents and low salaries are to blame, according to Michael Edwards, a University College London lecturer and expert on the relationship between property markets and planning. 

He said those factors prevent young people from getting on the London property ladder. 

“The housing system in London is pretty disastrous,” Edwards told CNBC. “For at least half the population, they are paying through the nose, very high prices for rent, or to save up to get enough deposit together to get a mortgage to buy.”

So why are London houses so expensive? Watch the video above to learn more.



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