Brits urged to rent rather than buy |
23 2008 |
| Potential first-time buyers have been advised that they should not buy, for the time being at least, and should rent a property instead. That is the advice of former Conservative chancellor Ken Clarke, who said that he expects house prices to fall over the next 12 months. He made the comments during an appearance on BBC Two's 'Daily Politics' show. Mr Clarke, who was chancellor between 1993 and 1997, said that young people are better off renting than they are buying. "My advice to a first-time buyer is not to be encouraged by the politicians," he said. "Don't buy, rent for a bit; the house will be cheaper in 12 months' time, a mortgage will be easier to get and that might even be cheaper as well." Nobody really knows but I think house prices are going to fall further," added Mr Clarke. Recent turmoil in the housing and mortgage markets has led to many people choosing to rent rather than buy a property.  |
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