Less people switching to buying from renting

10 2008
New research has revealed today (June 10th) that there has been a sharp decrease in the number of people switching from renting to buying during the first half of 2008.

A study by the website MoveMe.com suggests that the number of people moving into their own home has been slashed in half since the end of last year.

As house prices continue to endure a period of turbulence, the research also revealed that a third more people are now moving between rented accommodations.

Keith McNeilly, the website's co-founder, said: "While people are still moving, the increase in the number of people choosing to move between rented accommodation is a reflection of consumers' lack of confidence in the property market and current affordability constraints."

Mr McNeilly's claims are backed up by the plethora of negative statistics emerging over the past few weeks in relation to the housing market.

He also added that first-time buyers are being particularly hit by the trend, although the Association of Residential Letting Agents (Arla) has confirmed that average rent was down by nine per cent for houses and seven per cent for apartments during April.

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