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
EU chief enters North Sea oil row
Gunther Oettinger, the European Union's energy commissioner, has today entered a discussion regarding North Sea oil exploration. He has suggested that there should be "a blanket ban" on drilling in the North Sea until the issues regarding the Gulf of Mexico disaster have been clarified. This comes after a significant increase in activity by oil companies in the North Sea with the potential for fur...
Read MoreWhy is the UK taxation system so complicated?
The recent revelation of problems within HM Revenue and Customs and the fact that 6 million people in the UK have either underpaid or overpaid their taxes of late has highlighted the complicated UK taxation system. This is a system which has been added to and added to over the years to create a monster which is complicated and can in some cases be nigh on impossible to understand. So why is the UK...
Read MoreAccountancy firms have 15 pre-packed administrators ready to go
It has been revealed that the U.K.'s largest accountancy firms have 15 so-called pre-packed administrators ready to go as concerns about the UK high street continue to rise. It is forecast that up to 15 retail giants will go bust in New Year as consumer spending continues to fall and consumer confidence remains critically low. This is the clearest sign yet that all is not well on the UK Street and...
Read MoreFSA reveals traffic light warning system
As the FSA (Financial Services Authority) continues to reinvent the wheel, i.e. the UK regulatory system, a rather bizarre traffic light warning system has been revealed. The FSA wants to introduce a colour-coded system, very similar to the one in UK supermarkets, which would see the colour on a financial package reflect its perceived risk element. Mortgages, pensions, insurances and other investm...
Read MoreGeorge Osborne looks to reduce corporation tax
While George Osborne has been accused of bringing in a budget which is antigrowth for the UK business arena his promise to reduce corporation tax next year to 27% and a further 1% each year for the next three years has been well received by the business arena. Indeed we will also see corporation tax for small companies reduced to 20% which could prove vital in the short to medium term as businesse...
Read More