Property

In the current property climate it is becoming increasingly difficult for first time buyers to get a foot on the property market ladder. Lenders are now offering mortgages which require a large deposit which most first time buyers are struggling to find. Unless the banks are willing to lend more money to buyers this situation is unlikely to change.

This has also had an impact on the number of people who are able to sell their property. However the success to selling property can vary across the UK and largely depends on the economic situation in the area. For example, in areas of high unemployment offer s fall well below the asking price, making it harder the property owner to sell.

As people are unable to sell their property they are turning to the rental market. This market is currently providing people with a great choice of properties to rent at reduced rates.

Whilst people are looking to reduce their expenditure and with the ever popular property improvement programmes, more and more people are also choosing to stay put and renovate their existing property.