Posted by Sue Hopson
As lenders become increasingly frugal when granting mortgages to prospective homebuyers, Countrywide have revealed that the next generation could become a "nation of renters" unless the government takes steps to boost the housing market.
In a survey that asked people why they were not looking to move, 21 per cent said it was because they were unable to afford a deposit, while 16 per cent highlighted an inability to meet mortgage payments.
A further 16 per cent also pointed to the costs associated with moving - such as the stamp duty tax - as a barrier, indicating that there are a range of factors currently restricting activity in the British property market.
"These findings confirm that we are at a crossroad for homeownership, where we could see the next generation becoming a nation of renters without the right intervention from the government," said Grenville Turner, chief executive of Countrywide.
Given that the stamp duty holiday has been withdrawn, the costs associated with purchasing a property have recently increased and securing the necessary finances to get onto the property market could also become more difficult when responsible lending regulations are implemented.
As such, buy-to-let properties could continue to represent a particularly lucrative investment for landlords in the future.