Brits 'selling to rent' properties |
18 2008 |
| Growing numbers of property observers are witnessing homeowners selling up their homes and opting to rent instead as they see how the economy will develop. According to a new report in the Observer, this phenomenon of 'selling to rent' comes as a significant proportion of Britons feel that a property price crash is due and therefore they would be financially better-off renting for the next couple of years and waiting for prices to come down rather than buying another property now. The newspaper cited the example of Tim Rowlands, who sold his flat in Clapham, south London last summer. "We were planning on buying again quickly by getting someone desperate to sell to drop their price," he explained. "But despite the change in the market no one will drop by as much as we'd like, so we've decided to stay renting while we wait for prices to fall." Last week the Royal Institution of Chartered Surveyors reported that the number of new buyer inquiries across the UK fell faster in January than in November or December.  |
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