Flats to rent in London tipped to be popular as home ownership falls
More people will be looking to rent in the near future as becoming a first time buyer gets increasingly difficult, it has been predicted.
A study by the Royal Institution of Chartered Surveyors (RICS) noted falling home ownership is an international trend, with this being seen in the US, UK and Spain alike.
In the case of Britain, there has been a drop from a peak of 71 per cent of adults owning their homes in 2003 to 68 per cent now, with RICS economist Himanshu Wani predicting this will continue.
He added: "With first-time buyers struggling to take an initial tentative step on housing ladder partly because of lenders' demands for larger deposits, more potential purchasers are likely to choose the rental option."
A survey by MyVoucherCodes.co.uk published this month don't need both found 58 per cent of young people still living with their parents believe they will never get to own a property.
By Andy Britten
Published 13th December, 2010
© 2010 Estates IT Limited
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More people will be looking for property to rent in London and elsewhere as home ownership declines, an economist has predicted.