Renting up as first-time buyer numbers fall

31 2008
Prospective first-time buyers are being forced out of the property market in increasing numbers as prices fail to fall to affordable levels, it has been revealed.

This means that near-record levels of UK professionals are choosing to stay in the rental accommodation sector for the time being.

According to the latest figures from the National Association of Estate Agents, first-time buyer numbers have been steadily declining since the start of 2008, while the Fair Investment Company also recently revealed that many people are now choosing to rent at home so as to save up to purchase a property overseas.

James Caldwell, director at Fair Investment, noted: "First time buyers are being driven to sunnier climes for a route onto the property ladder as a result of the credit crisis which has been shaking the foundations of the UK property market."

The comments come as lenders cut back on the number of mortgage deals being offered to prospective first-time buyers as they attempt to protect themselves from the full impact of the credit crunch. ADNFCR-1219-ID-18529181-ADNFCR

Related Articles
Rental investment remains strong in north-east
Investment in rental properties has remained sustained in the north-east...

Properties in the capital take 7.5% dive
Top properties in London are falling at record levels, it has been...

Pensioners could increase falls in property prices
Britain is currently home to 1.7 million pensioners who are relying on the...

BBA and Rics agree that housing market will not improve for months
The British Bankers Association (BBA) has suggested that house prices are...

House price declines 'slowing but not finished'
Recent slowdowns in the speed at which house prices are declining in value...