They are the cause of high prices in places like Kensington and Chelsea. The cause elsewhere is low interest rates - low interest rates lower the cost of rentin

They are the cause of high prices in places like Kensington and Chelsea. The cause elsewhere is low interest rates - low interest rates lower the cost of renting money. Most of a monthly mortgage payment is determined by the interest rate, so a small drop in interest rates makes buying look much better than renting on a monthly basis, and we've had low interest rates for ages, conditioning people to think they won't rise much.