Britain is now a 'nation of renters', experts feel |
18 2008 |
| High property prices and a lack of confidence in the future prospects of the market are helping to turn Britain into a "nation of renters", it has been claimed. Coming soon after figures released by the Council of Mortgage Lenders showed that demand for mortgages has fallen to a near-record low across all parts of the country, a new report in the Times has revealed that rental demand is currently around 41 per cent higher than this time last year. This boom in demand is also being pushed up by the fact that the supply of affordable homes is remaining limited as builders struggle to cope with rising costs and slash their construction targets. Speaking to the newspaper, Michael Holmes, a property consultant, stated: "Until now renting has been a dirty word, with people seeing it as money down the drain. Now mortgage rationing will push us into a more continental approach to the property market, in which the majority rents." Demand for rental property is especially high in cities popular with students and young professionals, such as London, Manchester and Brighton.  |
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