Expensive property may lead to people looking for flats to rent in Havering
A scarcity of mortgages, combined with the high price of a property, may result in first-time buyers looking for flats to rent in the London borough of Havering.
Paul Holmes, chief executive of Firstrung, said the main obstacle forcing individuals away from the property market is the price of a home.
He stated the average cost of a house should be £90,000 - not £160,000.
"Until that is addressed, [for example] if we have a huge economic crash or a huge crash in property values, nothing will change," Mr Holmes added.
Individuals are being further prohibited from buying a property as a result of banks' reluctance to lend money in a market they fear will slide further, he observed.
According to a study published by Genworth Financial earlier this month, the widening of the barrier to UK home ownership may lead to a generation of people being unable to get their foot on the property ladder.
Posted by Andy Britten
Published 22nd October, 2010
© 2010 Estates IT Limited
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The main obstacle for people looking to buy their first home is the expense, it has been noted.