About 2/3rds Of Tenants Are Ensnared By Incapacity To Buy Home

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• 05 Aug

  According to a survey by the property website Rightmove, almost two-thirds of renters feel trapped because they want to buy a home but can't afford to do so.

  According to the Guardian,

  "The research points out the frustrations faced by millions locked out of home ownership, dubbed generation rent, as the spiralling cost of letting and a revived property market curb these aspirations."

  It is anticipated that, on Wednesday, Mark Carney, the Bank of England's governor will give a framework of his plans to keep interest rates low for probably many years in order to catalyse sustainable recovery.

  He is also expected to continue with strategies for low mortgage costs, especially the funding for a lending scheme credited with boosting demand among first-time buyers.

  Critics of the policy have claimed that:

  "Without a surge in house building, low interest rates will push up house prices further, making it harder for renters to save for a deposit on a home."

  By Abimbola Duro-David

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