NatWest chair sparks backlash for saying it's not 'that difficult' to buy a property in Britain
Publishing timestamp: 2024-01-05 11:18:44
Summary
The chair of NatWest, Howard Davies, faced backlash after stating that it is not difficult to get on the property ladder in the UK. He mentioned that saving is the key, and the current economic landscape is not much different from historical periods. However, higher mortgage rates and inflation have made it harder for potential homebuyers to save for a deposit. Davies acknowledged the need for consumers to save more due to new financial protections, but also argued that the financial system is now safer. The comments sparked criticism on social media, with critics calling Davies out of touch. The average cost of a property in the UK is £287,105 ($366,357), with prices in London even higher at £528,798. Experts predict an increase in property purchases in 2024 due to easing interest rates, but note that the outlook remains challenging.
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Keywords: markets, housing, united kingdom, business news, breaking news: markets, natwest group plc,