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Vast majority of homeowners could not afford their house today

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Vast majority of homeowners could not afford their house today

Spending on home loans in the capital has jumped from 42pc to 49pc of average income, Halifax said, with Londoners more affected as a result of higher house prices.

The average home in the Greater London area cost 9.3 times average regional earnings in the three months to June, making it the least affordable part of the country.

Jeremy Hunt introduced a mortgage rescue charter at the end of June after agreeing with banks that borrowers should be able to extend their mortgage term and reduce their monthly payments, with the option to switch back within six months, as a way to bring down monthly payments.

Some have turned to longer term mortgages to reduce their monthly payments, with some facing paying off loans into their seventies.

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More than 12,000 people over the age of 41 took out a mortgage term between 30 and 35 years in 2022, compared with just 3,035 people in 2018, according to recent data from the financial regulator.

The total number of people taking out mortgages with terms of 35 years or more also hit a high of 88,059 last year, a 117pc increase on 2018, figures from wealth manager Quilter showed. 

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CryptoCurrency

Coinbase’s cbBTC surges to third-largest wrapped BTC token in just one week

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Coinbase’s cbBTC surges to third-largest wrapped BTC token in just one week


According to data from CryptoQuant, cbBTC circulation supply has outpaced long-established players seven days after launch. 



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Bitcoin options markets reduce risk hedges — Are new range highs in sight?

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Bitcoin options markets reduce risk hedges — Are new range highs in sight?


Bitcoin options market positioning shifted as BTC price shot through the $60,000 to $63,000 level. 



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Ethereum is a 'contrarian bet' into 2025, says Bitwise exec 

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Ethereum is a 'contrarian bet' into 2025, says Bitwise exec 


Ether price could be on track for another correction into a triple-bottom, marking the beginning of a big rally into 2025.



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Blockdaemon mulls 2026 IPO: Report

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Blockdaemon mulls 2026 IPO: Report


Other Web3 infrastructure platforms, such as Circle, are also mulling IPOs.



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SEC asks court for four months to produce documents for Coinbase

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SEC asks court for four months to produce documents for Coinbase


The financial regulator requested an extension until February 2025 to review “at least 133,582 unique documents” as part of discovery motions with Coinbase.



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‘Silly’ to shade Ethereum, the ‘Microsoft of blockchains’ — Bitwise exec

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‘Silly’ to shade Ethereum, the ‘Microsoft of blockchains’ — Bitwise exec


Ethereum is still home to the most active crypto developers and is the most attractive chain to build applications on top of for big companies, argues Bitwise’s Matt Hougan.



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