by johnt
31. May 2011 17:14
The housing market is changing with two-thirds of young people without their own home now believing they have no prospect of getting on the property ladder, a Halifax survey has suggested.
Higher deposits and tougher lending criteria have put off many potential buyers in the past few years, this has meant an increase in the rental market as young couples are looking to have a roof over their heads.
Nearly half of those who described themselves as having a plan to buy within the next three to five years said they were unable to put aside enough for a down payment. Almost half of people aged between 20 and 45 admitted they thought the country was becoming more like Europe, in which renting was considered the norm.
If this should happen the UK population could become more fluid with the possibility of couples moving more frequently as they have no equity in the property, leading to issues with data cleansing. Making it more important than ever to cleanse lists to ensure goneaways and movers are identified.