Rightmove Discovers Grim Picture for Those Over Forty
A recent survey conducted by property website Rightmove describes the condition of the housing market and how over-40s are facing a troubling situation. The demographic is looking at paying off a mortgage well into retirement if they are only now able to become part of the housing market. The only other option is paying off the mortgage in a shorter amount of time than usual.
Almost 40% who are currently renting and see no other way of establishing a dwelling, still anticipate being in a rental situation through the year 2014. Just twelve months ago, the number was a much lower 32%. This was derived from a sampling of more than 4,400 people.
The Rightmove director, Martin Shipside, weighed in on this important issue, saying: "More than half of those in rented accommodation would like to buy but can't make the sums add up and as a result are trapped.
"The global economic woes that have left first-time buyer numbers at record lows will shatter the goals and aspirations of many as they face the reality of renting for far longer than they originally planned.”
The survey also indicated more than half of all tenants are confident in an unfortunate possibility – rents rising in the next year. This will be likely supported by the standard law of economics. Shortage of supply will cause a rise in prices. Those who are renters cannot help but remember the average rental costs are currently at their highest point in history, and have no way of improving except to go down.