Strong rental demand 2008 'as buyers get older'
High current prices and uncertainty over a potential fall in value over coming years are combining to make many Brits favour renting over house buying, it was claimed.
Landlord advisory firm Property Hawk claimed that speculation over current house prices was convincing many home-seekers that now was not a good time to gamble on such a big investment – making rental a more attractive option.
Statistics from the Council of Mortgage Lenders showed that in October 2007 the average first-time buyers were as old as 29, with London prices making people rent on average for longer than elsewhere.
Chris Horne, editor of Property Hawk, said: "There's a dual effect of rising house prices, which prices more potential first-time buyers out of the market – which means they have to rent, and rent for longer than they would have done.
"I think rental demand will be growing and strong into 2008, as people sit back and wait to see what happens with the market."
He added that the average age of first-time buyers had now been rising consistently for 20-30 years, as increasing house prices forced more and more people to bide their time.
Published 14th December, 2007
© 2007 Estates IT Limited
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High current prices and uncertainty over a potential fall in value over coming years are combining to make many Brits favour renting over house buying, it was claimed.