Alarming figures lay bare the scale of Britain’s looming mortgage crunch, amid fears that a generation will be locked out of the housing market and those living in London will need to save for more than 15 years to get on the ladder.
The capital is set to bear the brunt of the squeeze, a stark report by lender Nationwide Building Society warns.
It found that the typical first-time buyer now spends almost two fifths of their income on their mortgage, close to levels last seen at the start of the financial crisis.