People are finding it difficult to afford mortgage deposits


Many people in the UK are finding it difficult to afford mortgage deposits and are therefore choosing to rent rather than buy.
This is the suggestion of Sue Hopson, brand standards director at Martin and Co – a property management business based in the UK – who noted individuals are struggling to access the housing market at present.
Ms Hopson stated: “With the peaks and troughs that we’ve seen in house prices, some people are a little bit cautious about it.”
Her comments come in response to new findings from the Association of Residential Letting Agents (Arla), which revealed an increasing number of young people are becoming trapped in ‘generation rent’, with 55 per cent of Arla members claiming they do not have supply to meet demand from renters at present.
Ms Hopson pointed out those who find the cost of a mortgage deposit a little out of reach may find measures designed to protect tenants are heavily legislated in their favour.
These include tenancy deposit protection – regulations in England and Wales in place for the last five years – and recently updated legislation related to deposits.

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