Tenants are being offered schemes that do away with the need for large amounts upfront
House prices continue to rise and difficulties remain for those wanting to buy their first home, according to the UK's biggest mortgage lender.
Many tenants in the UK’s private rented sector believe that they will never get a foot on the property ladder, due the sheer cost of saving for a deposit, a new survey suggests.
The deposit paid by tenants in the private rented sector as a security is to be reduced from six weeks to five weeks for tenancies rented out for under £50,000 a year, it has been announced.
Thinktank draws up plan at time when 40% of young adults are unable to buy a home
About 40% of young adults cannot afford to buy one of the cheapest homes in their area even with a 10% deposit, according to a new research.
Young adults face distant prospect of getting on housing ladder, research suggests
In England and Wales, average single first-time purchaser would need just over 10 years
MPs and landlords are at loggerheads over the acceptable level of deposits demanded of tenants in England.
A London property developer is to allow its tenants to pay their deposits in bitcoin – the first time the virtual currency has been used in the UK residential homes market.
The latest research from the Nottingham Building Society has shown that over 1 in 3 first-time buyers have missed out on purchasing a property because their deposit was too small and around half had more than 10% of the purchase price saved.
According to the figures, 35% of would-be first-time buyers saw house deals fall through in the past year because their deposit was too small to secure a mortgage. Around 18% say they had a deposit of less than 10% while 17% had less than 20% of the house price they were planning to buy.
'Generation Rent' face an average wait of 59 years to get on the property ladder, a new study suggests.
In the most expensive London borough, Kensington and Chelsea, the wait to afford a 25% deposit on a flat would be up to 193 years, according to research commissioned by Clydesdale and Yorkshire Banks' Studio B.
The latest analysis from e.surv has found that over a fifth of mortgages in February were taken out by borrowers with small deposits - a substantially higher figure than both the previous month and the same point last year.
According to the report, borrowers with a deposit of 15% or smaller made up 20.5% of the market during February, up from 18.7% in January and 15.7% in February 2016.
A trade body is warning letting agents and landlords of the need to have detailed evidence to support any deduction made to tenants' deposits.
The latest research from Santander has found that almost one in 10 first time buyers now rely on grandparents for their deposit - a four-fold increase compared to those who bought their home five years ago.
Over the past five years there has been a large shift towards turning to family for help in order to get a foot on the property ladder. Of those currently looking to buy, 32 per cent will use a family loan to help with the deposit, a sharp increase from the 13 per cent of current homeowners who asked for financial help from their families.
A group of students in Bristol has won a court case after a lettings agency acting for a landlord deducted money from their rental deposit.
The Independent reports that six student flatmates received a letter from Digs letting agency informing them a total of £756 would be deducted from the deposit, including £200 for redecoration and over £500 for cleaning costs.
Scammers have been using the Rightmove brand to dupe tenants out of rental deposits.
Property listing website The House Shop says it has seen ‘multiple’ incidents in recent months of fake landlords advertising cheap rents and then sending potential tenants an email from “Rightmove Tenant Verification”.
The email contains a link that looks like a Rightmove web page using the portal’s branding but applicants are invited to pay a deposit that gets sent to the scammer’s bank account held in the name of “Rightmove Plc”.
The typical deposit paid when a tenant moves to a new property in England and Wales is set to break the £1,000 barrier according to research from the Deposit Protection Service.
Cleaning costs and damage to fixtures and fittings are the primary reasons why deposit money is withheld when a student tenant moves out of a rented property, new research from independent comparison website money.co.uk shows.
Aspiring home owners in the UK believe they will need to save for more than four years in order to afford a deposit for their first home, new research has found.
While most will safe for four years and four months some 27% believe that they will never be in a position to buy their own property, according to the report from insurance firm Aviva.
Official figures show that the typical first time buyer home in Britain now costs £180,677. In order to save a 10% deposit, aspiring home owners starting from scratch would need to save £347 a month to build this deposit in four years and four months, assuming no interest growth.
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