Young people 'keen to rent property'

Posted: 15 Jul 2009 12:00:00 GMT

Renting rather than buying property is the preferred option for young people, according to a website for aimed at those moving house.

Young people are increasingly choosing to rent over long periods of time as they find the arrangement "more flexible and affordable" according to Jon Brown, partner relationship manager at iammoving.com.

Mr Brown continued that rental properties may be a more affordable option for young people, as they allow those who are unable to purchase a home to keep their independence and not be "tied forever" to one house.

The rise in numbers of people going to university is also a contributing factor, said Mr Brown, as it "helped to cement the idea of shared accommodation and renting being a good option".

Mr Brown's comments follow new figures released by Communities and Local Government showing that the average value of a property bought by a first-time buyer had increased by £1,597 in a month.

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