A generation of tenants in UK
Since the Thatcher years most Britons have aspired to homeownership but since the collapse of the money markets the tide has turned and now the dream of buying their first home is likely to remain just that a dream.
Experts suggest that with the new restraints on UK mortgages a whole generation of Brits is likely to remain as tenants who may never get the opportunity of taking that first step on the property ladder.
Research reveals that the average deposit now needed by first time buyers is close to £30,000 – it might as well be ten times that amount for many young couples who currently struggle to pay the rent and rinsing utility and food bills without any chance of saving for the deposit on a home of their own.
As a result Britons may follow the lead in most other European countries where renting is considered the norm for a great percentage of the population.