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Choice not than cost driving UK home rental market
One in four 26% people in the UK live in rented accommodation, and although two thirds 67% of tenants rent because they cannot afford to buy, there are other significant factors driving the rental market, according to research from Birmingham Midshires.
Mortgage interest rates are at their highest level for five years and the average house price, according to the Halifax house price index stands at more than £184, 600. However, the findings show that beyond house prices there are other key lifestyle factors influencing peoples decision to live in rented accommodation.
The days when people aspired to have a house, two cars, kids and a dog have gone; Birmingham Midshires says almost one in six 13% of today's 'renters' no longer aspire to own their own house, and a further 12% choose to rent in order to enjoy the greater flexibility it offers. In fact 12% of Britons would prefer to rent in their ideal area, rather than own a property elsewhere - and that has to be good news for landlords in the buy to let market, providing you have the right property to offer!
The rental market explained:
- As many as 18% of singletons choose to rent because they like the flexibility that renting provides.
- Almost eight in ten 79% single parent families living in rented accommodation do so because they cannot afford a mortgage.
- Almost one in six 14% married couples with children choose to live in a rented property, believing their existing unsecured debts will prevent them for getting a mortgage.
- One in five 18% childless, married couples chooses to rent because they cannot afford to buy in the area.
Regional Findings:
Tim Hague, managing director of Mortgages at Birmingham Midshires said, "The findings reveal an interesting trend; people are actually making a conscious decision to rent rather than buy. The buy to let market has experienced consistent growth over the last ten years, and these findings help to demonstrate why. More and more people now see letting property as an achievable investment and an important part of a balanced investment portfolio."
Moneyextra.com recommends you take independent financial advice before acting on any article
Back2006-12-15 08:54:41 © Moneyextra.com
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