Renting Britons 'cannot afford to buy'
As house prices continue to rise and securing a mortgage remains an expensive process, more Britons living in rented accommodation are finding they cannot afford to buy their own home.
According to Scottish publication the Press and Journal, figures from Rightmove reveal 61 per cent renting a property have admitted that while they would like to buy a place of their own, they cannot afford to.
However, 13 per cent of residents claimed they chose to rent - which may be because such living arrangements can be more flexible.
Miles Shipside, commercial director of Rightmove, said: "The property price falls instigated by the recent financial crisis have fallen too short for some renters looking to enter the property market, while others will be struggling to raise the higher deposits now required."
Britons looking to take time out to save for a deposit may find flats to rent in Notting Hill or another part of London offer them the opportunity to do so.
Written by Martyn Glynn
Published 23rd February, 2010
© 2010 Estates IT Limited
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The majority of people who rent a home - which may include those looking for property to rent in London - cannot afford to buy, it has been claimed.