Fewer first-time buyers getting on to property ladder despite Treasury proposals
first-time buyers are said to be finding it harder to get on to the property market despite government attempts to make it more affordable to buy.
According to the Guardian, Treasury tax breaks that were designed to encourage more affordable options for first-time buyers have actually created a tougher obstacle to overcome.
The Council of Mortgage Lenders said that the number of first-time buyers loans for house purchases had dropped by 54 per cent.
Jonathan Moore, director of Easyroommate, told the Guardian that conditions for first-time buyers were hard enough before the end of the Stamp Duty holiday in January and that those conditions have only become worse.
Mr Moore suggested that current market conditions meant that young people wanting to buy now had to "squirrel cash away for more than a decade".
As a result, those looking to buy may find that property to rent in the London borough of Islington, or anywhere else in the capital, might be a more realistic option.
By Andy Britten
Published 15th March, 2010
© 2010 Estates IT Limited
London Rental Property News By London Borough / Category
Latest London Property News Headlines
St John's Wood brings the village atmosphere to the capital
St John’s Wood is a great location for people looking to capitalise on all the benefits of London living without being caught up in all the hustle and bustle.
Read Article ... Published on 26th May, 2015
Yeading: Enjoy peaceful city living in an up-and-coming area
Yeading is a laid-back and peaceful residential area situated north-east of Hayes and is one of the most up-and-coming areas of the capital.
Read Article ... Published on 26th May, 2015
Hanwell: A green, peaceful environment for Londoners
Hanwell is a small town located in the Borough of Ealing and is in between Ealing and Southall, providing excellent transport links to the rest of the capital.
Read Article ... Published on 26th May, 2015
Mitcham Carnival announced for June
Mitcham Carnival has been announced for Saturday June 13th at Three Kings Piece.
Read Article ... Published on 22nd May, 2015
Hammersmith and Fulham Council start Park consultation
Hammersmith and Fulham Council have launched a new consultation on Hammersmith Park, inviting local residents to have their say on the area and how it can be improved.
Read Article ... Published on 22nd May, 2015
New conservation areas planned around Waltham Forest
Waltham Forest has announced plans for two new conservation areas near Lloyd Park and Bakers Arms town centre.
Read Article ... Published on 20th May, 2015
Sutton Council announces Take Part Take Pride summer festival
Sutton Council has announced its Take Part Take Pride summer festival.
Read Article ... Published on 20th May, 2015
Brent Council teams with Brent Housing Partnership in new project
Brent Council has partnered with the Brent Housing Partnership as it aims to improve the standard of housing for local people.
Read Article ... Published on 19th May, 2015
Gardeners prepare for Islington In Bloom
Islington Council is preparing for this year’s “In Bloom” event by teaming up with local gardeners to identify the best greenery available in the area.
Read Article ... Published on 15th May, 2015
New fitness centre set to open in Manor Park
A new fitness centre is expected to be opened in Manor Park by Newham Council.
Read Article ... Published on 15th May, 2015
People trying to get on to the property ladder may opt to look for a property to rent in London after tougher conditions reduced the number of first-time buyers.