Wednesday 20 July 2011

Landlords push out first-time buyers: Banks STILL refuse youngsters loans | This is Money

Landlords push out first-time buyers: Banks STILL refuse youngsters loans | This is Money

A ‘perfect storm’ is sweeping the property market, putting homes out of the reach of first-time buyers and into the hands of buy-to-let investors.

The tempting deals offered by banks have seen landlords cashing in and snapping up properties which would be ideal for first-time buyers.

There was a 25 per cent increase in the number of mortgages (including remortgages) taken out by landlords between January and March this year, compared with the same period in 2010. Of this, there was a 15 per cent surge in the number of house purchases.

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