Rise in house prices may lead individuals to find flats to rent in Lewisham
A greater number of individuals may start looking for flats to rent in the London borough of Lewisham following news that one expert anticipates house prices to increase over the next few years.
Helen Adams, managing director of FirstrungNow.com, said people looking to buy their first property would struggle to do so without any financial backing from their parents.
"If house prices keep going up then first-time buyers in particular can't afford to get on the property ladder", she added.
Earlier this month, a study by Genworth Financial found, since 2006, approximately 100,000 people looking to put a foot on the property ladder have been unable to do so.
Increasing limitations on high loan-to-value mortgages are adding to the difficulty prospective homeowners are experiencing in trying to secure a property, the report revealed.
This could result in individuals considering other options, such as renting a flat in London, as an alternative to paying inflated prices for a home.
Published 14th October, 2010
© 2010 Estates IT Limited
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Not many first-time buyers can afford to buy a property without financial, help from their parents, it has been noted.