Property purchase 'still a far away dream for first-time buyers'

News Category: Management

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First-time buyers should not be overly optimistic about their chances of getting on the housing ladder in the near future.

This is the view of the Federation of Master Builders (FMB), which stated that purchasing a property is still a "far away dream" for many young people.

Peter O'Connell, policy manager at the FMB, said this is partly because demand for housing far outweighs the available level of supply.

He warned that these supply problems could cause house prices in the UK to "snap back to unaffordable levels very quickly".

Mr O'Connell added that the price of existing stock would have to fall back into line with people's salaries, while banks would also be required to resume sensible lending.

Although these issues could bar people's access to the housing ladder, they are likely to boost demand for rented accommodation owned by buy-to-let landlords, many of whom will be using rent management software.

The Association of Residential Letting Agents recently noted that landlords are increasingly purchasing buy-to-let property as a long-term investment, with a view to owning rental accommodation for at least five years.

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