Property News > Many renters stuck in the sector, affecting purchases

Many renters stuck in the sector, affecting purchases

People across the UK who are looking to sell their home and move to something else, whether it is a house that is more affordable or suitable to their needs, are struggling to find buyers still because of a drop in the savings power most Brits have at the moment.If you have had your home on the market for a while, you will know that finding someone to take it off your hands can be a difficult task anyway. This is not being helped by the fact that it can take the average aspiring homeowner more than two decades to save up for a mortgage deposit, according to Scottish Widows.The firm said that the average deposit now costs more than £50,000, an expense that takes 23 years for most people to put the money away for.With only 28 per cent of people in the rental market putting money away for this purpose, it obviously causes a problem for sellers with a shortage in the number of people they can market their property to, and a likelihood that they won't find a buyer.Iain McGowan, head of savings and investments at Scottish Widows said: "We live in a society where many strive to own their own homes but, for many people facing high rent and increasing living costs, this isn't going to be achievable. Whilst this is concerning, what is most worrying is that over a third of renters have no savings at all and are leaving themselves vulnerable in the short and long terms."When selling a house then, it is vital that residents make sure they are marketing it as well as they possibly can. To do this, make sure you take a lot of photos that portray the home in a good light and show everything a buyer will want to know.In addition to this, list all of the amenities and other details of the surrounding area online to reach the largest market possible.However, in some cases this will not be enough. If you are in this position, why not try looking for cash for houses? You can sell yours to Property Rescue for a quick offer, allowing you the funds to make your next purchase.

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