Buying Property Today Still Easier Than A Generation Ago

An interesting observation on Sky News from Russell Luckock; he points out that securing finance for a home today is still far easier than when he bought in the 1950s.

Back in the 1950s people only a year or so in to their careers did not expect to walk into a fully furnished two bedroom flat with co-ordinated curtains etc. with virtually no deposit! Many lived on caravan sites whilst they saved, often for years, to secure a large enough deposit - and then face a stringent and intrusive interview, rather than just filling out a form.

It looks like the hangover following from an orgy of easy credit is now going to force many people in the UK, perhaps for the first time in their lives, to only buy what they can afford. That will mean renting affordable flats or even sharing - or living with mum.

As one of our clients, who's portfolio is of property to let is substantially comprised of low cost and social housing, remarked yesterday, "we're always busy in recessions".