Mortgage rates are fuelling the generational wealth imbalance

At some point a few years ago, after the financial crisis had passed but the economic stats still showed the effects, while wandering down the posh bit of my local high street where all the top-end furniture retailers, Italian delis and estate agents reside, I suddenly got it.

I noticed that the ones carrying the White Company, Fenwicks and Russell & Bromley shopping bags were all roughly between 50 and 60. Despite the country apparently being in the doldrums, this well-dressed, insouciant and slightly aimless tribe had money to spend.

All the economic indicators were telling us GDP was still pretty flat, unemployment and wages were still struggling, food bank queues were getting longer and first-time buyers still couldn’t afford deposits.

The macro picture was gloomy. And yet, looking at this affluent little corner of the South East, everything seemed peachy – for this specific set, anyway.

I try very hard not to begrudge those more fortunate, by dint of the good economic timing of their birth, defined benefit pensions and so on.