NatWest Chairman Under Fire for Downplaying Difficulty of Home Buying in the UK
Sir Howard Davies, the chair of NatWest, sparked controversy by suggesting on the BBC's Today programme that it is not "that difficult" for people to buy homes in the current market, despite the need to save more for a deposit than in the past. His comments were met with criticism for being out of touch, especially in light of the widening gap between house prices and average earnings, the rising cost of living, and increased average age of first-time buyers. Sir Howard later clarified his remarks, emphasizing the importance of responsible lending and acknowledging the challenges faced by first-time buyers. Meanwhile, the average UK property price stands at £287,105, with mortgage rates showing signs of easing, which could potentially boost buyer confidence in the future.