If someone asked you to name a child actor that’s still working today, odds are, you can name quite a few. But can you name the most successful of all time?
17.07.2023 - 13:55 / manchestereveningnews.co.uk
Soaring interest rates could end up benefiting first-time buyers, a new report has said. The Bank of England's recent decision to raise interest rates to a 15-year high of 5 percent could create some 'winners' amongst the younger generation despite the current mortgage crisis, according to a think tank.
The Resolution Foundation argued that a 'new normal' of higher rates could end a 40-year wealth boom that has been a key driver of 'intergenerational inequality', which could be good news for first-time buyers and early pension savers.
In the past, rising house prices and pension values have largely benefited older generations, while many younger people have been locked out of home ownership altogether. But this could now be set to change in the near future.
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The Bank of England base rate currently stands at 5 percent and further rate rises are expected as the Bank tries to lower high inflation.
As a result of this, there have already been signs of house prices dipping as rising mortgage rates cool the market, which will help more prospective first-time buyers get a foot on the ladder.
According to the think tank, falling property prices could reduce house price-to-earnings ratios to levels not seen since the turn of the century, which is focused on improving living standards for people on low to middle incomes.
The deposit barrier for first-time buyers could also be reduced.
Back in the mid-1990s, it would have taken a typical young, first-time buyer couple around eight years to save for a 10% deposit on an average first-time home.
Rapid interest rate rises have ended this boom and brought about the biggest fall in wealth
If someone asked you to name a child actor that’s still working today, odds are, you can name quite a few. But can you name the most successful of all time?
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