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 A housing disaster seems imminent as the credit crunch has forced nearly five per cent of the population to abandon the property ladder since autumn last year.
With house prices soaring, the number of consumers renting has risen by five per cent in eight months, according to a study from Opinium Research LLP.
Louise Cuming, head of mortgages at moneysupermarket.com, commented on the expected repercussions of inflated house-prices: "You would imagine this would mean the buy to let market would start to grow. However, our research shows the number of buy to let products has decreased from 4,025 to 674 in just one year, with nearly 600 of these products removed since March 31st."
This means that the number of available buy to rent mortgage deals has dropped by a sharp 40 per cent in just four weeks. Combined with the over-priced housing market, we may be on the edge of a housing abyss.
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