More people may have turned to flats to rent in London
More people may be choosing to rent flats in London after it was noted individuals feel taking up a tenancy is a better choice than buying a home.
David Amstell, founder of property website Briffy.com, said a lot of Britons have been waiting for conditions in the housing market to improve over the past few years, but this has not yet happened.
He stated lending conditions had not improved for first-time buyers as rates have not fallen and it is still expensive for those looking to take their first step onto the property ladder.
"Money is not cheap still and jobs are still dropping away," he added.
Figures published by Rightmove revealed the proportion of people looking to buy their first home within the next 12 months rose slightly in the third quarter, up to 26 per cent from 22 per cent.
The survey showed people looking to acquire a property on their own were now deciding against the idea.
By Ben Carter
Published 9th November, 2010
© 2010 Estates IT Limited
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