Housing ladder ‘out of reach for millions’

The housing ladder currently appears to be out of reach for millions of would-be homeowners around the UK, according one expert.

Sean Gardner from price comparison firm MoneyExpert has made clear that lenders are pricing a large number of people out of the housing market and adding to the debt management problems of those looking to remortgage.

He has suggested that while the government is trying to encourage finance firms to lend more readily, the reality is that many people are now unable to save enough money and avoid debt sufficiently to afford a housing deposit.

“When disposable income is already at breaking point for many, it is frankly impossible to see how those with limited savings will find a way to get a foothold on the property ladder,” Mr Gardner remarked.

A report from the Alliance Trust Research Centre last week claimed that UK consumers are facing up to the reality of their own debt management position as the economic climate continues to worsen.