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Renting market increases
23 September 2008
The demand for rented accommodation has rocketed by two thirds over the past year as mortgages are harder to come by.
First-time buyers now expect to have to save up to £20,000 as a deposit in order to get a mortgage. In order to obtain this cash they are willing to make many sacrifices including no holidays, cutting back on new clothes, going out, and one in ten are reported to have taken an extra job according to a poll by The Co-operative Bank and Places for People.
Despite the increased demand for rented accomodation, this has not driven up the monthly price for renting as the number of properties available for renting has also risen due to people chosing to let their home rather than selling it in the current housing market.
The latest figures from the Bank of England report that the number of mortgages approved dropped by 71% year-on-year during July.
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