More Britons 'choosing to rent'

Posted: 31 May 2011 12:02:30 GMT

An increasing number of people are choosing to rent rather than buy property, it has been found.

The number of people in Britain choosing to rent rather than buy property is on the increase, new findings have shown.

Carried out by the National Centre for Social Research, the study revealed almost half of 20 to 45-year-olds believe the nation is becoming more like Europe - where it is the norm for people to rent and not buy.

The report, which was commissioned by Halifax, showed 64 per cent of people in this demographic who do not own a home think they have no prospect of purchasing one later in life.

Stephen Noakes, commercial director at Halifax Mortgages, said: "Our research indicates just how many potential first time buyers are not making it to the application stage because of a fear of being declined."

Recent findings from moneysupermarket.com revealed 31 per cent of first-time buyers will not be taking out a mortgage in order to make their first move on the property ladder.
 

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