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Nothing changes, as I see it.
Lenders are still stifling the market with affordability restrictions and income multiples. For example, 5 × an annual salary of £40,000 is still only £200,000 — and down south, that level of borrowing simply isn’t going to cut it. I suspect the same is true for many properties further north too.
With developers, a new-build house for less than £250,000 still seems to be something of a pipe dream.
How long before someone recognises the obvious? If a prospective buyer has successfully paid rent of £X per month for the last three years, without fail, then surely it is highly likely they could afford a mortgage with repayments at or around that same level.
Or is that just too easy?
