Young people forced to rent
Although renting can sometimes be a lifestyle choice, many young people have no choice but to rent due to over-inflated house prices, claims Scottish Widows.And although some financial services are now offering specialist mortgages for graduates, the latest interest rate hike will not tempt many to take out a mortgage, for fear of being unable to make repayments. Communications manager for Scottish Widows, Amanda Docherty, said that although letting can be seen as a waste of money, many young people have no other option than to rent.She said: "I think in today's market, you don't really have a choice; you have to rent for a certain period of time. Unfortunately, that is the thick end of the problem. People are now renting and finding it harder to save for a deposit at the same time as renting." However, she added: "I think a lot of young people nowadays want to rent anyway because if they want to live in London, in the city, or in Edinburgh in the city for work purposes, they can't afford to buy anyway so they don't really have the option not to rent. "For many I think it is a lifestyle choice as well, a lot of people are putting off buying until they see what the house market does [and] see if it becomes more accessible for them."
Share this..
Related stories
Pocket money drains parental pockets
Children's pocket money has risen by 600 per cent over the last 20 years according to a survey by Halifax.The survey revealed that children receive an average £8.01 per week in pocket money, seven times more than the 1987 average of £1.13 - increasing at six times the rate of inflation.Mike Regnier, head of savings at Halifax, said: "Part of the increase may be explained by changing tastes and t...
Read MoreJJB Sports confirms company is not under investigation
While results from the JJB Sports were disappointing to say the least with a loss of over £40 million in the first six months of 2009, the company has confirmed that while the serious fraud office (SFO) is undertaking an investigation into the activities of JJB and Sports Direct, it is specific JJB employees which are being investigated rather than the company as a whole. This is small consolatio...
Read MoreHMRC confirms problem with online tax system
HM Revenue and Customs (HMRC) has today stepped forward to confirm that an error on the online taxation website could lead to many UK taxpayers assuming their taxes have been sorted when this may not be the case. The situation relates to taxpayers who owe less than £2000 on their 2007/08 tax bill but are given the option to have their tax collected from PAYE during the 2008/09 tax year.
Is Argos expecting a poor Christmas?
There is speculation regarding the health of the UK economy and the potential for a double dip recession but in all honesty nobody is any the wiser regarding the short to medium term outlook. However, those on the UK high street have today expressed concern that Argos, one of the leaders in the UK retail market, has today revealed that seasonal recruitment for the Christmas period is down 40% on l...
Read MoreInstitute of Chartered Accountants releases upbeat Business Confidence Monitor
The Institute of Chartered Accountants in England and Wales has today issued its quarterly Business Confidence Monitor which indicates that UK GDP will rise by 0.5% in the third quarter of 2009. This is totally at odds with the vast majority of UK economists and UK analysts, as well as the Bank of England, and has surprised many people on the upside. The fact it comes at a time of renewed optimism...
Read More