RSS FeedsWill you ever get out of the Buy to Let mortgage market if you are Renting?
29/02/08
If you are a buy to let investor then the news earlier today from a recent survey suggesting that if you are a buy to let tenant then you are less likely to own your own home may come as a positive to you. A new survey revealed today that almost half of the people who do not own their own homes are very unlikely to get onto the property ladder in the future. This may come as shocking news to you if you are a tenant renting a property.
The results from the survey which was carried out by CreditExpert suggested that if you rent your home than you are less likely to get onto the property ladder. The figures showed that nearly half (48%) of tenants will stay as tenants in the future.
The report suggests that the main reason behind this boils down to affordability which comes as no surprise. Nearly half of the group surveyed (46%) stated that this was the main reason for them being able to buy their own property with their current financial situation.
The figures however varied depending which part of the country people lived in. There were a much higher percentage of people living in the South of the country (55%) not being apposition to purchase their own property down to affordability compared to those in the north ((39%). These results do not come as a massive surprise with property prices in the south generally much higher than in the north of the country.
According to this survey it seems that it could be a gloomy future for youngsters and tenants especially those who live in the southern regions when it comes to getting onto the property ladder. Those who are single could also find that affordability could be a real problem.