Financial barrier boosts rentals
THE rental market will continue to benefit from first-time buyers’ inability to save for a deposit on a home, according to a recent report by the National Centre for Social Research.
Jonathan Morgan, managing director of Morgans, which has Leeds’s largest managed city centre rental portfolio, agrees that more would-be first-time buyers are renting.
He says: “It’s fair to say that some occupiers aspire to own a home but are experiencing considerable financial barriers to doing. They are also harboring a number of preconceptions about the buying process which along with the size of the deposit required by many lenders means that people are staying put in their rented homes.”
CASTING A SPELL: The Laundry, in Bedale, is a charming house with a walled garden, and it used to be the laundry for Hornby Castle, and borders the castle grounds. From top, exterior, drawing room, walled garden and dining room. Inset, owner Judith Pearce and her dogs.