Families 'opting to rent long-term'
Increasing numbers of families are opting to rent flats in London and elsewhere on a long-term basis, new research has found.
The Paragon monthly buy-to-let index noted that average rents have risen by almost 14 per cent in the past year to reach £12,048 - something it attributed to the falling popularity of buying property.
According to the firm, the continued buoyancy of the private rented sector even in the midst of a severe property downturn is being bolstered by people in their thirties and forties who opt to rent.
The mortgage firm noted that the average age of tenants is now 32.8 years, up from 31 years at the beginning of 2007.
John Heron, managing director of Paragon Mortgages, said that it has been known for some time that the "tenure of the UK is changing as a growing and more diverse demographic are choosing private rented homes".
He continued: "The recent lack of mortgage availability for potential first time buyers, as well as a fall in confidence in the housing market, has caused more people to stay in private rented homes for longer."
Published 20th May, 2008
© 2008 Estates IT Limited
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Increasing numbers of families are opting to rent flats in London and elsewhere on a long-term basis, new research has found.