"Property mountain" may lead individuals to find flats to rent in London
Individuals hoping to secure a place on the housing ladder may decide to find flats to rent in London following comments from one expert.
Jon Brown, partner relationship manager at change-of-address services iammoving.com and utilitell.com, said the financial crisis has made the initial entry in the housing market for a lot of people feels more like the first step onto a "property mountain".
This has left "many first-time buyers unable to even negotiate the foothills", he noted, adding that the reality of the situation is individuals will be forced to find rented accommodation for the next year and possibly the foreseeable future.
Due to the weak economy, it is unlikely that the government will provide help to those looking to buy their first home, making the ownership of a property an unattainable goal for many Britons, Mr Brown claimed.
According to the Council of Mortgage Lenders, gross lending to people buying an establishment to live in stood at £12.4 billion in October, which represented a nine per cent drop from the £13.6 billion recorded a year previously.
By Ben Carter
Published 23rd November, 2010
© 2010 Estates IT Limited
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