Difficult situation for fixed rate mortgage applicants, noted Let Insurance Services

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Difficult situation for fixed rate mortgage applicants, noted Let Insurance Services

Consumers aiming to secure a fixed rate mortgage or tracker deal to get on the property ladder face tough housing market conditions, a source from Let Insurance Services has suggested.

Malcolm Harrison, a spokesman for the firm, explained that it is very difficult for first-time buyers or anyone with a small deposit to put down on a home.

In his opinion, the situation is also particularly challenging for renters, since price levels continue to go up as a result of increasing demand.

Mr Harrison claimed that many people in rented properties may end up having to relocate if the pattern continues.

"It is a mirror of the housing market - not everybody can afford to live in Kensington or Chelsea. Therefore, they are going to have to look further out," he said.

His comments were made following a statement by London estate agency LDG, which indicated there have been significant increases in the cost of renting in the West End.

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