Credit crunch pushing renter numbers up, experts suggest |
27 2008 |
| The global credit crunch has contributed to a rise in renter numbers across the UK as mortgage lenders withdraw products aimed at helping prospective first-time property buyers. That is according to Hamptons Mortgages, which has claimed that the affordability issues facing would-be buyers are likely to continue and even get worse over the coming months. Already this year a number of lenders have pulled mortgages with loan-to-values of more than 100 per cent, meaning those who may have previously purchased a home are now turning to the rental accommodation sector. Jonathan Cornell, the firm's managing director, noted: "It is a real shame to see so many products being removed from the market as in the current economic situation, these provided the only real hope for struggling first time buyers." At present around 30 per cent of all homes sold go to first-time buyers, though some market observers believe that this proportion will drop as borrowing becomes tougher.  |
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