New research has shown that the number of people living in rented accommodation is on the up, demonstrating the increasing difficulty first time buyers are faced with when trying to buy a house . Since October last year, the number of people renting has increased by 5 per cent – a significant increase in half a year. 11 per cent of respondents to the survey declared that they reason they are renting is that they could no longer afford a mortgage, or didn’t have enough to meet the requirements for a deposit.
The last month has seen 40 per cent of buy to let mortgage products withdrawn from the market, whilst lenders continue to advertise competitive interest rates . However, all too often those rates are only available to buyers who are able to put a large deposit down in exchange for the good interest rates.
A further 600 loans have been withdrawn from the market since the end of March, taking the total on offer down to 674 – a figure which had stood at 4,025 one year previously. Industry experts are continuing to warn of a housing crisis, with fewer and fewer buyers able to keep up with the greater demands of lenders.
Lettings on the Up as Loans Get Harder to Come By
Thu, 08 May 2008
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