With the recent pressures on lending, and interest rates showing little sign of falling, at least in the short-term, home buyers are finding it harder than ever to afford to purchase for the first time, or move.
Mortgage payments account for a higher proportion of take-home pay than at any time since 1990, the last property market ‘crash’. Demand for private rented accommodation has seen a marked increase in the wake of house price inflation, resulting in a buy-to-let boom. Individuals and professional landlords, who often take significant blocks of property within a new development, have been quick to jump on the buy-to-let bandwagon. This has pushed up values in the lower price brackets, putting these properties further beyond the reach of first-time buyers and fuelling the inflationary spira...
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