For many in the UK, economic turmoil is being felt most sharply when it comes to housing. As interest rates rise, mortgage payments and rents are inevitably following suit.
Newsnight got Radio 1 Newsbeat’s Cost of Living reporter Sam Gruet to meet some of the young people bearing the brunt of the economic crisis, for whom the goal of home ownership increasingly looks further away.
A survey commissioned by the BBC reveals that two-thirds of renters have found it difficult to pay for essential costs in recent months.
Even in the North East, where housing is some of the most affordable in the country, property prices have hit a record high, with a typical home now costing £163,000.
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