First-timers forced into rental mar­ket

Yorkshire Post - Property - - PROPERTY -

NEW ten­ant de­mand in York­shire and Hum­ber­side out­paced sup­ply of rental prop­erty dur­ing the three months to July, as many con­tin­ued to turn to the let­tings sec­tor, says the lat­est RICS Res­i­den­tial Let­tings Sur­vey.

One of the main driv­ers of de­mand in the re­gion con­tin­ues to be would-be buy­ers who have moved to the rental mar­ket af­ter strug­gling to find mort­gage fi­nance and first-time buy­ers un­able to meet lenders’ de­posit re­quire­ments.

A RICS spokesman Jonathan Char­ters-Reid says: “First-time buy­ers sim­ply can­not get on the hous­ing lad­der.

“In most parts of the York­shire re­gion a typ­i­cal two-up two-down ter­race is over £120,000.”

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