Latest money news: Three-quarters of working people can’t afford to buy an average home in London --[Reported by Umva mag]

Welcome to Metro’s money blog, where we’re sharing new findings that four in 10 working people can’t afford to buy a typical home.

Of those living in the capital, nearly three-quarters (74%) are unable to buy an average two- or three-bedroom property with an 80% loan-to-value mortgage, according to Zoopla.

More than half (58%) of people in the south east, south west, and east of England face the same barriers, while the problem was found to be worsening in a growing number of cities including York (61%), Leicester (46%) and Edinburgh (45%).

Mortgages are set to become cheaper as the Bank of England continues to shave down interest rates, but industry figures hope the upcoming Autumn Budget will see new policies supporting first-time buyers.

We’ve got more details as well as the latest money and finance news in our live blog below.

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