Flats to rent may appeal as first-time buyers 'struggle'
Brits may be encouraged to look at flats to rent in London as many first-time buyers are "struggling" with the property market, it has been claimed.
Ray Boulger, senior technical manager at online mortgage broker John Charcol, said those attempting to get on the housing ladder may have a tougher time than others who already own a home.
He also pointed out that while the industry picked up in 2009, it has settled down so far in 2010 and become "static".
Mr Boulger blamed the difficulties faced by many Brits on "the big deposits that are needed which will tend to be more difficult for a first-time buyer to get than a mover".
He explained many people who already own a home will have enough equity to provide a deposit on a new property.
The Home Builders Federation recently reported there are fewer first-time buyers now than there have been at any point over the past 35 years.
Posted by Charles Mackay
Published 17th August, 2010
© 2010 Estates IT Limited
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