Mortgage affordability in the US has been in freefall this year against a backdrop of soaring interest rates.
A similar crisis is unfolding in the UK, but higher mortgage rates will cost British borrowers much sooner than those across the pond.
The Federal Reserve has scrambled to get ahead of rampant inflation by raising interest rates at the fastest pace in decades.
The average rate of a 30-year fixed-rate mortgage in the US, the most popular length of loan in the country, has doubled in the past year. New borrowers paid an average of 2.78pc in July 2021, but this has risen to 5.54pc this month, according to US lender Freddie Mac.
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