Renting 'more popular than buying' at present

Posted: 01 Sep 2011 16:55:07 GMT

Twice the number of people in the UK are renting homes rather than purchasing, it has been found.

Renting is proving a more popular choice than buying a property for many people in the UK at present.

This is the finding of new research from Endsleigh, which revealed twice the number of individuals (45 per cent) are opting for the former approach when compared to the latter (23 per cent).

The study also showed Middlesex - located near London - is the area where most people choose to rent, with 51 per cent doing so, while just 16 per cent are buyers.

Other regions found to be following suit include east Sussex, Surrey and Berkshire.

Carlos Thompson, head of business development at the organisation, said the impact of the economic downturn on property value "has meant that some home owners have opted to rent rather than sell, subsequently increasing the amount of supply in the lettings market".

The industry figure noted such a surge in renting means escalating numbers are vying against one another for the same dwellings, therefore driving up competition.
 

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