Why is the housing market so expensive?

Home ownership is a distant dream for many

Stars Insider

29/01/24 | StarsInsider

LIFESTYLE Money

It's one of the biggest purchases most people will ever make in their lifetime. Buying a home involves an investment of money, and it's a huge commitment. Generally, mortgages run for 15-30 years, and interest rates can be adjusted at any moment by governments during that timespan, increasing your repayments. And as the average price of property rises, so too does the barrier to entry: the deposit you need in order to buy. But what's driving the surge in prices to begin with?

Click on to understand why owning a home has become a distant dream for many aspiring first-time home buyers.

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