Almost 66% of first time buyers believe they will not manage to get on the property ladder for the foreseeable future due to the continued low loan to value mortgages Leicester and high deposit requirements.
Almost half of the general public believe Britain is due to become a nation of property renters for future generations despite most non-homeowners eventually wanting to purchase their own home. The large deposit requirements is felt to be the biggest barrier in obtaining a first home for prospective buyers. Few are sacrificing to make the larger deposit when compared with those who have simply given up hope of obtaining the high savings mark.
Coupled with current pay freezes, redundancies and a lack of consumer morale in the financial services industry it looks set to continue this way for some time to come.
This means that the need for social housing will become greater causing more construction requirements and less assets for retirement in the future. The wealth gap between homeowners and renters is set to widen should the market continue as present.
There are still fears that the property market will come to a standstill due to the lack of first time buyers investing in the market. This however leaves property prices low enabling portfolio rich Landlords to purchase properties at a low price and sustain the higher rental yield due to the demand for properties to let which again in turn increases the wealth gap between homeowners and renters.