LONDON: Surging house prices in the UK 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 (US$340,000) in December, up 6% from a year ago, according to mortgage lender Halifax.
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