The effects of the global credit crunch are causing growing numbers of Brits to downsize or rent their homes rather than take a step up the property ladder, it has been claimed.

According to a new report from the Landlord Expert website, the current economic uncertainty is prompting the nation's lenders to make mortgages less available and more expensive, spelling bad news for those looking to make a move so as to benefit from more space.

This claim is supported by statistics released by Your Move, which reveal that, over the past 12 months alone, there has been a 38 per cent increase in the number of rental leases being signed by new buyers.

"The credit crunch has buried any chances most first time buyers might have had of getting on the property ladder," the company's managing director David Newnes told the website.

"Mortgage finance hasn't been this hard to come by for 15 years. For landlords this is a cloud with a gold-plated lining," he added.

Anyone struggling to finance a home move and therefore having issues with space could benefit from safe storage solutions.

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