2010 - The year of renting

As property prices rise in the UK, the philosophy of many Britons is changing, as more people come to the conclusion that rented accommodation can still be a home.

According to the Royal Institution of Chartered Surveyors, house prices in the UK have risen by ten per cent, since their lowest point last April.

Meanwhile, Land Registry data from January shows an annual house price increase of 5.2 per cent, which is the second month in a row in which the figure has been positive, while properties for sale in London increased by an even greater amount.

Commenting on the news, Jon Brown, partner relationship manager at iammoving.com, said with house prices on their way up, 2010 is likely to be the year of the landlord and Letting Agent.

He added that this is because while the economy is recovering, consumer confidence and spending is still low and although many may aspire to own a home, they still prefer to rent.

"This change in current values, both financial and philosophical, will lead to a more general approval of the idea that a rented house can be a home," he concluded.

Indeed, with property prices on the rise, Britons may wish to look for flats to rent in the London borough of Greenwich in areas such as Blackheath or elsewhere in the capital, where they may also enjoy a more flexible lifestyle than homeownership affords.

Written by Chris Price

Published 9th March, 2010

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