Rental demand 'increasing due to lack of mortgages'
As consumers increasingly struggle to be granted mortgages, it has been suggested that a growing number are choosing to rent instead.
This week the Royal Institution of Chartered Surveyors (RICS) revealed that rental prices in London have been falling.
And the National Landlords Association has stated that consumers unable to get onto the housing market are opting for this form of accommodation.
Spokesman for the body Steve Hilton explained: "More potential buyers turn to the private-rented sector as it becomes increasingly difficult to get hold of mortgage finance."
Earlier this year HM Revenue & Customs found that UK property sales had fallen by 53 per cent over 12 months, as more and more people recognised the benefits of renting.
And with RICS also showing that London house prices are falling, it may be a good option for those wanting to avoid the potential negative equity that could come from buying.
Published 19th November, 2008
© 2008 Estates IT Limited
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As consumers increasingly struggle to be granted mortgages, it has been suggested that a growing number are choosing to rent instead.