“50% of housing in the region costs five times the local average salary.”
Figures have been announced in the latest findings from the Trades Union Congress (TUC) report which suggest that the North West is one of the most expensive areas in the UK for potential home owners meaning, we believe, renting is set to become much more popular if this trend continues.
The investigation shows that there have been 48,000 users of the Help to Buy scheme which is backed by the UK government. The scheme was created in order give potential home owners the financial means to afford their mortgage, the programme is set to be reviewed at the end of the September. The BBC reported that Government officials are looking to reduce the amount of money buyers are permitted to borrow over the next few months.
A decrease in the number of users of the programme over June indicates that the scheme has peaked over the last 12 months and we may see a decrease in the amount of applicants in the future. Research suggests that due to the difficulties first time buyers face more people are choosing to rent rather than purchase a property, young professionals are choosing to rent accommodation rather than spend a large amount of money during the buying process.
Living in rented accommodation is becoming increasingly popular amongst young people, some do not want to leave the community feel of shared properties and others simply cannot afford to purchase their own home. Due to the high demand for rented property there needs to be an increase within the volume of rented accommodation on the market.
This report shows that the North West is perfect for investors looking for a new project. Young professionals are looking for modern and comfortable accommodation in prime areas around the North West which is exactly what Mistoria have to offer. We currently have a range of different property investment options available, if you are keen to invest in property please do not hesitate to contact us you can do this via our contact page.