Market uncertainty driving rental popularity |
20 2008 |
| The ongoing turbulence within the UK property market is encouraging growing numbers of Brits to abandon their efforts to buy a home and turn to renting instead. Just recently, a report from the Royal Institute of Chartered Surveyors (Rics) revealed that 43 per cent more of its members had witnessed a rise than a fall in landlord instructions to let over the past month. And, according to Simon Preston, chairman of the property website iammoving.com, this trend is likely to continue so long as uncertainty surrounds the property market. "The trend that we are definitely seeing is that people are shifting from owner occupying to renting and people who would otherwise have been selling their home are renting it out and then moving to other rented accommodation," he said. "It's going on all over the country. It's happening in Chester, Liverpool, Sheffield and London." Earlier this month, Nationwide reported that that the average price of a home in the UK now stands at £169,316, around a nine per cent fall on last year's figure.  |
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