Brits 'adopt Euro lifestyles'
When it comes to how and where they choose to live, Britons are becoming increasingly European in their thinking, it has been revealed.
An article in the Financial Times points to research by lettingsearch.co.uk, which found 41 per cent of people have made the decision to rent their home rather than buy, due to the difficulty they have experienced in coming up with a deposit or obtaining a mortgage.
Meanwhile, 14 per cent admitted that renting a home suited their own particular lifestyle choice better than owning.
This news comes as the Council of Mortgage Lenders revealed today's first-time buyer would need a deposit of over £30,000 in order to purchase a home.
And this amount could be even higher in the capital, where the Land Registry claims property prices have risen by 10.5 per cent in the last year to £336,212.
Such news may prompt Britons to choose flats to rent in London borough of Notting Hill or another part of the capital in order to save money and enjoy greater flexibility.
Phil Calderbank, director at lettingsearch.co.uk, said: "While homeownership will inevitably remain the dream of many Britons, we are seeing mounting evidence that a growing number are turning away from the sales market and choosing lettings as a permanent lifestyle option."
Written by Andy Britten
Published 4th March, 2010
© 2010 Estates IT Limited
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People in the UK are increasingly adopting a European attitude by choosing property to rent in London, rather than buying a home, it has been revealed.