Economics
Wealth Gap Widens for Britain’s Young With Surge in House Prices
- Record values push ownership further beyond reach for millions
- Generational divide fuels call for action including wealth tax
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Surging house prices in the U.K. are making it more difficult for younger generations to follow the most common path for accumulating wealth, widening a gap between the rich and the poor.
Homeowners are benefiting from the coronavirus crisis, with cheap borrowing and government tax cuts driving real estate prices to an all-time high last year. The cost of a home averaged 253,374 pounds ($340,000) in December, up 6% from a year ago, according to mortgage lender Halifax.