View more on these topics

Less well-off take 22 years to save first home deposit

Lower to middle income households face a 22-year wait to save a deposit on their first home, according to a report out last week.

The Resolution Foundation says this compares to just an eight-year wait in 2001 and adds that it would be even longer for those living in London.

In its report, The Essential Guide to Squeezed Britain, the think tank warns that this is pushing more people into the private rented sector, and for longer periods.

Matthew Whittaker, senior economist at The Resolution Foundation and author of the report, says: “For those who rent privately, the picture is one of increasingly short supply, rising prices and frequent dissatisfaction with issues from security of tenure to contract charges.”

The report shows that 8% of lower to middle income tenants are behind with their rent, 10% say they are dissatisfied with their current private rented accommodation, and over a quarter disagree that the private rented sector is a good tenure.


Paragon lent £38.6m in Q4 2011

The Paragon Group of Companies, Paragon Mortgages’ parent company, lent £38.6m in buy-to-let loans during the final quarter of 2011, an interim management statement has revealed.

Transfer of second charges to FSA is a long time coming

The Mortgage Market Review has confirmed the regulation of secured loans will move from the Office of Fair Trading to the Financial Services Authority/ Financial Conduct Authority no earlier than 2014, once a decision has been reached on the transfer of consumer credit regulation as a whole.


News and expert analysis straight to your inbox

Sign up