Second home ownership pushing renter numbers up

01 2008
Would-be first-time buyers in the south of England are opting to rent properties as growing numbers of second home owners in the region have priced them out of the market, it has been revealed.

With new research carried out by YouGov on behalf of Direct Line showing that second home ownership is set to soar by 24 per cent by 2015, the National Housing Federation has claimed that housing supply will diminish, thereby further adding to the problems of affordability facing millions of people.

A spokesman for the organisation stated: "Although we are beginning to see a slight dip in the market, the fact is that house prices have risen to such a level that even with a significant drop it’s going to be very hard for people on low or even moderate incomes to afford a place of their own."

Among the areas popular with second home owners is the south-east of England, with those looking to live in cities such as Brighton as well as in the countryside, opting to rent as prices remain unrealistically high. ADNFCR-1219-ID-18450497-ADNFCR

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