/24-7PressRelease/ - LONDON, UK, July 01, 2007 - If you are looking forward to climbing the property ladder, then this might not be a good time for you. If the buzz is to be believed, first time buyers are being forced out of the housing market because of the increasing number of buy-to-let property owners.
The lack of affordable housing has sparked a controversy with Paul Diggory, VP, Chartered Institute of Housing stating that many buy-to-let owners leave properties empty thereby creating a stark difference in the demand and supply ratio. This creates a major roadblock for millions of first time property buyers.
Mr. Diggory maintains that a change in the taxation system might go a long way in sorting out this problem. In a related BBC radio show, he mentioned that most senior big wigs were looking forward to some sort of a new taxation system whereby homeowners who keep their property empty will be penalised. He further elaborated that "Our main concern is the acute lack of affordable housing right across the UK and we've got many examples now in major cities where properties are not actually being let."
Corroborating on this point is Mr. Howard Archer from Global Insight who claims that demand for property has slid down in the past weeks due to the Bank of England's hike of base rate interests.
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