AS THE UK copes with a housing downturn similar to here, FTBs are being hit on several fronts, from mass withdrawal of mortgage products to drastic increases in bank borrowing and interest rates, writes Kevin O'Connor.

Even before Gordon Brown reaps the whirlwind at local and mayoral elections, some London developers are already changing tack from selling to letting.

Galliard Homes, which built luxury apartments around Arsenal's old football ground in Highbury, is inviting the public to become "Galliard agents" by offering £250 commission for every tenant taking on one of its new apartments, across from the Emirates Stadium, The Gunners' new home ground. With rents cut to £300 a week for stylish one-beds with parking and removal expenses paid, Galliard might get some response from the constant migration of young professionals into the British capital. And that parking space might turn out to be a nice little earner on Saturdays.