As the Chartered Institute of Housing is calling upon the government to turn its attention to the three million households in the private rental sector, Belvoir Sheffield, the leading letting agent in Sheffield is predicting an end to the ‘golden age of home ownership’.
As millions of UK youngsters prepare for a lifetime of renting, latest figures released by the body indicate that in the most expensive parts if the country, first time buyers are stumping up deposits of £40,000 or more.
Rick Flay, Director at Belvoir Sheffield, who offer a wide range of property to rent in Sheffield, said: “This should be a huge wake up call for the government to address the important issues surrounding home ownership. It is becoming an unobtainable aspiration of many young people to own their own property, unless they are on around £50,000 a year or more.
“The restrictive nature of home ownership in the UK is resulting a nation of ‘in betweens’ who earn between £12,000 and £25,000, and cannot afford a mortgage. We are certainly moving towards a more continental model when it comes to home ownership, where leases are offered on a five or ten year basis as opposed to the six and twelve month leases currently offered in the UK.”
With funding for the HomeBuy scheme being withdrawn by the government in September as part of their spending cuts, affordable housing solutions are now required to meet burgeoning consumer demand. In the mean time, potential homeowners will have to rely on the availability of own shared ownership, shared equity and part-buy/part-rent schemes.
Rick from Belvoir Sheffield added, “Although this housing shortage is extremely difficult for those seeking to get one foot onto the property ladder, it is a great time for landlords. Rental properties are very much in demand and will continue to be so. I would advise any would be landlords to take the plunge as there has never been a better time to invest in the buy-to-let market.”
Belvoir Lettings Agency Sheffield is the One Stop Specialists for Lettings including Property Management, Tenant Find, Investment and Wealth Management Advice, Fit-outs and Renovations, Furniture Packs and Investment Property Insurances.
