Young first-time buyers face toughest time since financial crisis, says UK housebuilder

Barratt Redrow boss says rising interest rates, higher student debt and squeeze on wages hitting property dream

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The boss of Britain’s largest housebuilder has warned that it is the most challenging time to be a first-time buyer since the financial crisis, as the dream of home ownership moves increasingly out of reach for many young people.

A combination of rising interest rates, higher levels of student debt and the squeeze on wages is making it “challenging, very, very difficult” for young people to get on the housing ladder, according to David Thomas, the outgoing chief executive of Barratt Redrow.