It Is Getting Harder For First Time Buyers

Mortgage lending fell sharply in July, fuelling concerns that Britain’s banks are turning away first time buyers and preventing a recovery in the property market.

According to Bank of England figures net lending fell sharply from June’s £518m to £86m, the fourth-lowest monthly lending figure since records began in 1993.

However this may lead to a stronger rental market as more and more can not get mortgages and will have to opt to rent.