Britain enjoying a 'renting renaissance'

12 2008
Britons are increasingly opting to rent goods and services rather than make a large financial commitment in such a time of economic uncertainty, a new report has concluded.

For some time now many professionals have been choosing to rent a home until the market becomes more favourable for them to make a step onto the property ladder, with the Council of Mortgage Lenders (CML) recently revealing that borrowing for home purchase is currently at a 30-year low.

However, now a new report in the Times has revealed that many people are also opting to furnish their rental homes with rented white goods and electrical appliances, such as fridges, flatscreen TV and washing machines.

Furthermore, there is also a booming market for designer clothes and accessories as well as for cars as low consumer confidence levels continues to make large purchases undesirable.

"The consumer slowdown will help the rental market as people struggle to get credit for large purchases," one electrical goods manager told the newspaper.

Just recently, animal rights groups expressed concerns at the launch of a new service that rents dogs out to busy professionals, having already seen widespread success in the United States.ADNFCR-1219-ID-18727843-ADNFCR

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