News: Renting Gap Widens as Property Prices Soar
An increasing number of people are having to rent property due to the soaring prices on the property market. A new study by Shelter has found that fewer of the UK’s population will be able to afford a property during their lifetime.
It has been estimated that by 2020, first-time buyers in the UK will need a salary of as much as £64,000 to be able to afford their own property. At the moment the figure stands at £52,000. Unsurprisingly, the situation in London is worse, with first-time buyers said to need a yearly salary of £80,000 now, but £106,000 by 2020.
People looking to purchase property in the North East are predicted to need the lowest wage across the UK, while outside the London sphere the South West is expected to be the next most expensive area.
Those hoping to take their first steps on the property ladder will be more affected by the escalating house prices than current owner-occupiers. The chief executive of Shelter, Campbell Robb, said: “When house prices are increasing six times faster than the average wage, it’s no wonder people on ordinary incomes are being locked out of a home of their own.”
How can you tackle the rising prices?
Securing your first property is never easy. Short-term finance in the form of bridging loans can help provide you with the initial funding to purchase your own first property. The flexibility of the loans enables you to quickly get the money you need to put in an offer, without having to rely on the bank.
At Affirmative we provide bridging finance that can be accessed within a few days or even hours, letting you secure your dream home as soon as you find it. You can borrow between £10,000 and £5 million.
Contact one of our team by emailing email@example.com, or give us a call at our Manchester office on 08000 44 84 84 and we can talk you through our various bridging loans.