Prospective first-time buyers turning to rental sector in their thousands

28 2007
High house prices in 2007 have caused growing numbers of people to opt for rental accommodation rather than attempt to get a foot onto the property ladder, a new study has confirmed.

According to this year's First Time Buyer review published by Halifax, just 300,000 first time buyers managed to enter the market this year.

This represents a five per cent decrease on last year's figures and stands in stark contrast to the figures of 532,000 witnessed just five years ago.

Such a decrease comes as the average first-house price in the UK stands at £120,000, with this figure significantly higher in a number of the most popular cities around the country.

Furthermore, the average deposit being put down now stands at £34,381, with many professionals now choosing to stay in the rental sector to save up for such an amount rather than take out unrealistic loans.

Recently the Association of Residential Letting Agents (Arla) reported that demand for all types of rental accommodation reached a five-year high in November. ADNFCR-1219-ID-18408226-ADNFCR

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