Rising interest rates expose widening generational gulf, with millennials facing large increases in monthly payments
Avoid avocado toast. Ditch the flat white. And turn your back on the lure of Instagrammable holidays. Over the past decade, millennials have been ordered to scrimp, save and toil to get on the property ladder. Cutting out small luxuries won’t have helped much in the pursuit of home ownership. But for those who managed to buy a home in recent years, there is a fresh insult.
In Britain’s exploding mortgage timebomb, young adults are paying the heaviest price – exposing yet again Britain’s widening generational gulf. As the Bank of England whacks up interest rates to save the nation from the highest inflation rates since the early 1980s, it is those who hadn’t even been born then who carry the heaviest burden for bringing it down.
