Unemployment 'making things difficult for buyers'
Record levels of joblessness are having a significant knock-on effect for many first-time buyers, one sector commentator has claimed, which may mean more people decide to continue renting.
Paul Holmes, chief executive of Firstrung, said that unemployment has doubled in the last 18 months from one million to two million and could hit three million in the future.
"That is why you're getting very few first-time buyers with desire to get on the property [ladder] - the vast majority of them are jobless," he explained.
And Mr Holmes stated that even young Britons who are in employment and have managed to save a deposit are finding that property is "still very expensive".
With this in mind, people may feel that flats to rent in Blackheath or another borough of London are more affordable than buying.
The National Association of Estate Agents recently found that 16 per cent of British adults have "no desire" to own their home.
Written by Charles Mackay
Published 5th October, 2009
© 2009 Estates IT Limited
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