Most renters 'aim to buy own property in next 5 years'

The majority of people currently renting accommodation intend to buy their own property within the next five years, which could see a rise in the number of people seeking cheap mortgages.
 
New figures published by Endsleigh have shown that 62 per cent of renters intend to buy despite the country's economic concerns and jobs market.
 
This may lead to a change in demographics, as currently 45 per cent of Brits are renting, while fewer than a quarter own their property.
 
Carlos Thompson, head of business development at Endsleigh, said that the popularity of leasing has meant a leap in competition in the sector and more people settling for tenancies they would not normally consider.
 
He explained: "The impact of the recession on the value of properties has meant that some homeowners have opted to rent rather than sell, subsequently increasing the amount of supply in the lettings market."
 
Recent figures published by Kensington have shown that one in five mortgage intermediaries have seen 50 per cent or more of their clients speaking to a mortgage adviser for the first time.

Moneyextra.com recommends you take independent financial advice before acting on any article

Back

2011-09-01 13:00:00 © Moneyextra.com