Housing problems lead to more renters |
14 2008 |
| Many people are turning to rented accommodation rather than buying property because it is too difficult to get a mortgage. In addition, there are fewer properties on the market and falling prices are damaging confidence. Connells has highlighted some of the problems with the housing market, paying particular attention to the difficulty in financing a purchase. With this in mind, many people are simply choosing to rent as they find that it makes economical sense and offers them a level of freedom which they enjoy. "A shortening supply of homes coming onto the market is far more worrying than moderating house prices," commented Ross Bowen from Connells Survey & Valuation. "Transactions have halved in the last year. Many people are severely restricted in accessing affordable mortgages, and first-time buyers are at a particular disadvantage," he continued. Recent figures have shown that more people are choosing to rent as the global credit crunch has made it too difficult to buy a property.  |
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