First time buyers (FTB's) are turning to renting property in the short term until the uk mortgage market improves.

58% of FTB's were unable to get a mortgage through their mortgage broker in the last quarter of 2008. 56% of brokers surveyed said the main reason was that a suitable mortgage product was not available through an intermediary.

80% of those who failed to get a mortgage through their broker chose to rent instead.

FTB's have been struck badly by lenders requiring bigger deposits which in many cases they do not have.

The IMLA is also concerned that the contracting buy-to-let mortgage sector will not be able to grow and support increased demand for rented property if property investors cannot get mortgage finance.

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