Renting the best option as credit crunch bites |
18 2008 |
| The credit markets continue to make things harder for people to get on to the property ladder, according to the managing director of City Index Advisory. Richard Cunningham spoke on the BBC Two programme Working Lunch about the ongoing difficulties with getting a mortgage, highlighting the increasing importance of renting property to avoid financial stress. He added: "And if there's a high level of debt ... that lack of availability of credit, and it's a harder credit to finance, becomes a real issue for everybody, both the man on the street as well as the financial institutions." A recent report by GLA Economics and the British Property Federation (BPF) called for more property to be developed specifically for renting. Residential director of the BPF Ian Fletcher explained that renting is generally 30 per cent cheaper than the equivalent mortgage, which suits the 70 per cent of tenants who cannot buy their own property, and so enjoy the ease of renting a home.  |
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