More people choose not to buy |
17 2008 |
| More and more people are choosing to rent rather than buy a property as the global credit crunch rolls on. New figures from Equifax show that it makes sense to become a tenant rather than a homeowner as mortgage lenders withdraw all of their most attractive deals from the market. The withdrawal of 125 per cent and 100 per cent mortgages from the market has led to 47 per cent of respondents choosing not to buy a house. Further to this, the costs associated with buying property are clearly putting people off. A total of 42 per cent of those questioned said that they have less than a five per cent deposit to go towards buying a house. Neil Munroe, external affairs director at Equifax, said that anyone considering buying a property is set for a tough time. "It looks like a tough year ahead for those looking to enter the property market for the first time," he commented. "Even for those first-time buyers that have the necessary deposit, good deals are going to be hard to find," added Mr Munroe.  |
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