LONDON • Mr Akin Ogundele did everything right. A born-and-bred Londoner and the son of immigrants, he worked hard, went to university, found a good job in the financial sector, got married and had children. But at the age of 34, he feels stuck.

He and his wife and two children live in a rented flat because even with their two salaries, they cannot afford to buy in their home city. After decades of accelerating housing costs, the average deposit used to buy a first home in London has risen well above £100,000 (S$185,630). Mr Ogundele has seen colleagues buy homes with help from their parents, but he doesn't have a "bank of mum and dad" and his savings cannot keep up with rising prices.