Rental accommodation allowing people to save up for home deposits |
07 2007 |
| Professionals looking to get onto the property ladder are turning to rental accommodation in order to be able to save up for a deposit for their first place, industry experts have confirmed. With the average UK home now costing around £220,000, the director general of the Building Societies Association (BSA) Adrian Coles, has claimed that "it is no surprise" that thousands of people are struggling to get a deposit together. "Even a ten per cent deposit necessitates saving over £20,000, a sum out of reach of many potential buyers who have no existing housing equity," he said. Given the high prices, many people are choosing to rent a property for longer and, while many attempt to save up for their own place, growing numbers are opting to spend a bit more on rent in order be able to live in a desirable area. Recent research by Alliance & Leicester also found that for more than a third of people moving into a new rental property, being near to friends or family is a major factor in the choice of location.  |
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