pmg102 parent
The low rates was true. But not the 30 year term. Most mortgages in the UK are fixed for 2-5 years so people are much more exposed to fluctuations in interest rates than in the US.
We have the same thing in the US for mortgages, called the adjustable-rate mortgage (ARM). It got a very bad rep after the 2008 housing meltdown so it’s generally seen as a bad tool for consumers these days. Hence the current predicament - many American homeowners refuse to move because it means giving up a sub-4% loan. Which is essentially free money because of the current inflation rate.