Debt fear for new homeowners
23/09/2010More than nine in ten (96 per cent) people think Britain has housing problems, with the majority seeing debt as the main reason.
New research by the Council of Mortgage Lenders (CML) has shown that eight out of ten people think that young people cannot afford to buy or that they would take on too much debt if they did.
The poll also showed that people don't expect things to get any better over the next five years, with two-thirds (65 per cent) not expecting to see any kind of government-led improvement.
The inability to buy homes means that more people need to stay in rented accommodation, which could lead them to seek debt solutions after LSL Property Services indicated that the average rent was at its highest for two years.
Kevin Still, Director of Atlantic Financial Management says,"Remaining a tenant may be the most sensible option where the risks of becoming overly indebted may be high.
Existing home owners with debt problems are finding it hard to sell or re-mortgage properties to settle accumulated debts.
Provided house prices remain suppressed then there will probably be a better time to get on the property ladder when lenders have a greater appetite for granting affordable mortgages to first time buyers".
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