Renting favoured by young professionals

Posted: 16 Dec 2008 12:20:32 GMT

            Property News - Renting favoured by young professionals

The Trade Unions' Congress (TUC) has published a report which finds renting is the most popular form of living for young people, given the current market.

Despite a property market firmly in favour of buyers, young professionals nevertheless remain priced out of home ownership as a result of mortgage lenders' demand for high deposits on property.

Others, better positioned to buy, remain turned off the market because of negative equity.

Following the publication of its report on how young professionals can find a place to live, the TUC's housing policy director, Paul Sellers, suggested that demand for property ownership does remain high, despite the low rate of sales.

"We found there was a demand for young people wanting to find out about housing... The guide covers all kinds of housing because a lot of young people are renting at the moment," he said.

As such, home owners hoping to sell could attract some of the otherwise disenfranchised tenants by putting their property for sale online, which can reduce selling costs.

Such cost reductions could be passed onto the buyer, meaning a home is sold far quicker than the average 12 weeks that it currently takes to shift a property.

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