Brits would rather rent than buy for now, poll shows

Posted: 27 Feb 2009 11:24:05 GMT

A majority of Britons would opt to rent rather than buy if they were looking for a new property at the moment, it has been revealed.

Earlier this month, a report issued by Abbey revealed that, in most parts of the UK, it is now cheaper for first-time buyers with a deposit of 25 per cent or more to buy a property rather than rent it thanks to recent economic developments.

Indeed, in the north-west of England, such a choice could save the typical first-time buyer almost £80 a month.

However, a new poll carried out by Adfero found that 58 per cent of those questioned said that, if they had to make a move now, they would opt for rental accommodation, with many too wary of possible future fluctuations in the property market to make a commitment of buying.

In addition, a significant number said that, while they feel now is a good time to buy, other financial commitments leave them in no position to take on a mortgage.

One respondent said: "There's no way I could afford to take on a mortgage at the moment, as much as I would like to."


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