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More Brits could rent after increase in house prices
21 February 2011, by Deborah Bates
Recent statistics have shown that despite there being around 1.3 million properties for sale on Britain last year, only 530,000 people had their mortgages approved.
That's according to research undertaken by an independent property company, which showed that many would-be first-time buyers have been unable to invest in property due to the lack of affordable mortgage deals.
"There is still a clear imbalance between supply and demand," claimed one industry specialist, Miles Shipside. "Demand is restricted by mortgage availability and potential buyers' economic circumstances."
Furthermore, more sellers are refusing to drop their asking prices, leaving the average standing at £230,000 for UK properties, according to The Telegraph.
"With house sales volumes remaining on the floor, even the estate agents acknowledge that current asking prices are more a reflection of home-seller fantasy that what anyone else will really pay in 2011 for property across most of the UK," said property expert, Nick Hopkinson.
This situation may prompt more people to search for houses to rent in Leamington Spa, Birmingham and other areas across Britain; in a bid to help them take more time to find the right mortgage for them.
Additionally, it could provide landlords with more choice; allowing them to further expand their property portfolio, and ultimately realise increased profits by taking on more tenants.
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