A generation of young people in the UK is being forced onto the long term housing rental market because of high deposits and lack of mortgages, it is claims.
Nationwide rental agents Belvoir Lettings says that it supports the predictions of the Joseph Rowntree Foundation, which reports that 1.5 million additional 18 to 30 year olds are likely to be priced out of the residential sales market over the next eight years.
‘A depressed residential property sales market, lack of mortgage facilities for first time buyers and an inability to save for high deposits are all factors that are forcing a generation of Brits onto the long term rental market,’ said Dorian Gonsalves, chief executive officer of Belvoir Lettings.
‘Belvoir has 150 offices nationwide and many of our offices are already reporting a trend for tenants to remain in rental properties for much longer than was previously seen. As a result of this new tenants in some parts of the country are struggling to find good quality accommodation,’ he explained.
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