Unprecedented affordability crisis set to boost rental popularity |
01 2008 |
| It is now harder for first-time buyers to get onto the property ladder than at any point over the past three years, a new report has concluded. With mortgage lenders tightening their belts in the wake of the global credit crunch, growing numbers of young professionals are opting to stay in the rental accommodation sector rather than trying to stretch themselves financially and get onto the property ladder, according to the Royal Institute of Chartered Surveyors (Rics). The body's latest report states that most prospective first-time buyers now need to put down a deposit of more than 100 per cent of their income in order to be considered for a home loan. David Stubbs, a senior economist at Rics, concluded: "First-time buyers are finding it even harder to get a foothold on the housing ladder and the signs are that conditions are unlikely to get better in the short term." A majority of property experts expect to see a rising demand for rental properties as affordability issues continue to affect UK professionals  |
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