More worrying is perhaps that there are currently almost a quarter of UK residents who are not saving at all due to lack of restraint or current financial positions.

The North and Yorkshire see the highest number of non-savers, where 30% of people are unable or unwilling to save towards either retirement or a financial buffer.
Information from InvestorBee shows the full extent of London deposit problems, revealing that in many cases it would take 19 years for an average saver to obtain a 20% mortgage deposit.

InvestorBee which reports via information collected on their website for saving and spending habits, have collected data from over 1million people in the UK and have reported that it would take the average Londoner over 19 years to save for a house deposit in the capital city.

InvestorBee’s information reveals that the average Londoner saves approximately 9.6% of their salary each year. This includes any funds paid into pensions and investments for retirement purposes.

With £430,000 being the average property price for a house in Greater London it would take over 19 years to save a 20% deposit and these figures assume all savings are for the objective of purchasing a property and leave no room for financial buffers of retirement funds.

Greater London has a reputation for being the wealthiest city in the United Kingdom and has one of the highest cost of living when compared with average incomes. This makes it also one of the hardest places in the UK to save for the afore mentioned objectives leaving London 35^th out of 50 counties when saving quantities are assessed. This also makes London one of the most likely places for people to name their property as their number one investment and savings goal, with up to 21% sayin to pay off their mortgage is their number one aim.

Figures provided from the InvestorBee database when looking at savers in the UK, reveal that Scotland holds the top spot for UK savers.

The Report shows that that the consequences for tenants are menacing as they face further increases in rent and a huge gap in supply and demand leaving a deep property shortage for the private rental sector. A lack of affordable housing will also hinder the progression of the Economic recovery.
The above issues are causing a restriction to the quantity of new properties available for rent report the Residential Landlords Association.
Nearly 90% of UK Landlords are private individuals and those who have invested in the residential housing sector may have seen better returns had they invested their funds elsewhere.

The tax burden averaging at £1,000 a dwelling is also much more in the private rented sector than in other types of investment. The report shows low returns for Landlords when taking into account inflation despite the large rise in rental incomes.

There is a call for Government to make changes to the current taxation levels to help alleviate financial pressures on those in the private rental sector.

According to Rightmove’s statistics, this is the largest fall in house prices since December 2007. With a severe winter ahead, Estate Agents fear that the figures will only drop further.

Since the onset of the credit crunch in 2008, which forced banks and building societies to start restricting their lending, there has been a fall in the number of buyers to the market which has only increased the property price issues as there are not so many able buyers on the market due to high deposit requirements.

Mortgage lending has seen a slight increase in the availability of higher loan to value products which will hopefully improve the number of purchasers and first time buyers but the higher LTV products usually require some form of guarantor from family members which is still making things difficult for those whose family members are not in such a comfortable position to enable them to offer the help needed.

London’s rents have increased faster than any other region in the last year, however even the monthly rate of increase slowed in this area. So it seems there is a countrywide lull in the increase with many tenants giving a sigh of relief.
On a month by month basis across the UK, rents grew the fastest in the South East and the East of England. They rose by 1.5% and 0.8% respectively when compared with September’s figures. Rents fell in just 3 regions on a month by month basis, dropping by 1.4% in the North East and the South West, and by 0.8% in Wales. The rest of the country remained in the continuing increase section.

Despite the slower pace of rental increase, tenants are now paying a higher rent amount as prices have risen for 9 consecutive months standing at a new record high. The average yield for Landlords remained steady at 5.3%.

As a result of the above figures, London’s annual increase also slowed, falling to 5.7% from 5.8% in October. The second biggest increases seen over the year were in the West Midlands and the South East where rents rose 4.6% and 4.4%.

The quantity of loans for residential purchases fell again for the month of October, as lenders ease mortgages for the wealthiest of borrowers.

First time buyers with a deposit6 of 10% or less accounted for just 1% of total house purchases in October when compared with 13% in October 2007.

As a result, a disproportionate of lending is given to wealthier borrowers with higher value homes.

Landlords are making the most of the current climate and many are attempting to purchase further investment properties to increase portfolio sizes.

Figures recently released from Countrywide show demand for each property had increased by over 10 per cent compared with figures from this time last year. This is also a significant rise from the second quarter of this year.
Demand for lets from investors is also increasing, with a large rise in the total number of instructions to the market.

 
Almost a quarter of all landlords investing in property market were investing for the first time believed to be due to low savings rates. The current incentives are low for any investment and property rental seems to currently have the best return.
Viewing demand for rental properties has also increased as the year nears to a close, keeping the demand for rental property at a record high across the UK into the coming year.

Larger Estate Agency firms have seen an average of 5 applications from tenants competing for the rental property available, despite a slight increase of properties on the market.

Overall the buy to let market has seen an increase in the amount of first time investors attempting to enter the rental market with a view to increase returns on their investment.

The 75% LTV range will also include a 2 year fixed rate at 4.39% and a lifetime tracker at 3.49% over BBR, both with a £1,999 application fee. At 60% LTV, the 2 year fixed rate of 3.88% will be retained.

The demand from buy to let investors has increased dramatically in the first quarter as many people struggle to obtain the required deposits to purchase and are therefore forced to continue to rent. This has had a knock on effect however with the mortgage market seeing an increase in potential investors as Landlords.

The Woolwich standard lending policy will be used when assessing affordability of any borrower and any property must cover the standard rental ability of 125% of the annual mortgage interest, for tracker mortgages this is calculated at 4.99%.

The range is available through both branches and intermediaries.

Landlord Assist is urging Landlords of student lets to carefully consider the impact of higher university fees to come. Tuition fees have in some areas trebled to £9000.00. This has resulted in a 9% drop in university applications when compared with last year.

This is also shown in the ComRes survey for BBC Inside Out which has revealed potential A-levels students have been thinking of putting off going to university due to the increase in tuition fees, while approximately 50% of those questioned would consider going to a local university enabling them to stay at home and therefore save money.

It appears that student Landlords may become a casualty of the tuition fee increases, amidst fears that many potential students may be forced out of Higher Education choices due to the cost.

The insurance product can be accessed online, via telephone or any of the 11,800 participating post office branches.

A spokesperson for the Post Office has said:
“We know how important it is for all businesses, including buy-to-let property owners, to keep down costs, which is why we have launched this price guarantee.

“Business insurance is vital to ensure you can keep your business on track, and you and your employees protected should the unexpected happen”.

The aim of the Post Office is to offer a wide range of cover for business insurance quotations for Landlords including key features such as:

• Buildings insurance including accidental damage
• Legal Expenses
• Property Owner’s liability insurance up to £2m
  Loss of Rent and Alternative Accommodation
  Employers’ liability insurance up to £10m

It is thought that due to no easing of criteria and requirements from mortgage lenders, this buy to let boom will continue well in to next year as prospective buyers are forced to wait and continue on the path of renting for the foreseeable future.
Unemployment is also a major factor of the demand for rental as many homeowners lose properties due to lack of work or redundancy. It seems that if the current economic climate continues it will remain difficult to board the home ownership train without help from family members or some very strict saving intentions over long periods of time.