London’s property market, like many other metropolises, has become an inheritocracy

Thirty years ago, the average first-time buyer in London needed a deposit of less than £24,000. That has increased six-fold since, to more than £147,000, adjusting for inflation…Fewer than a quarter of Londoners owned a home with a mortgage in 2021, a drop of 10 per cent from a decade earlier…

See the whole story in the FT here: 

https://www.ft.com/content/fd29c715-8d12-459c-980e-11b58a4a374c