First-time buyers may turn to flats to rent in London
People looking to buy their first home may decide to find flats to rent in London as they continue to be frozen out of the property market.
High deposit barriers are proving to be a significant hurdle, preventing individuals from taking their first step onto the housing ladder, a spokesman for campaign group PricedOut observed.
A recent survey by property site Zoopla.co.uk may be particularly frustrating for Britons as it suggests that a route to ownership for those looking to buy their first home does not exist, he noted.
"It also shows that many owner occupiers are benefiting from very low interest rates, whilst first-time buyers are [renting]" the representative added.
He stated that his organisation did not agree with the survey's conclusion that buying a home is no a more cost-effective option than renting, as the property company's calculations were based purely on the use of interest-only mortgages and did not factor in other expenses.
According to the daily updated Rate Index, the average cost of tenancy decreased by 0.571 per cent in October.
By Charles Mackay
Published 22nd November, 2010
© 2010 Estates IT Limited
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High deposit barriers may be stopping people looking to buy their first home from being able to afford the purchase.