Owners opting to become renters as housing market evolves |
29 2008 |
| Growing numbers of homeowners are choosing to sell up and move into rental accommodation while they wait and see how the housing market develops, new figures suggest. The latest report from the Council of Mortgage Lenders (CML) shows that 15 per cent of new tenants in 2005 and 2006 were previous property owners, with this proportion likely to be higher once the figures for recent months are compiled. In addition, many professionals are now choosing to buy a property in one city and then rent in another city so as to take financial advantage of market conditions. According to the CML, such trends highlight how much the housing market has changed over recent years, with renting no longer the preserve of students and low income families but increasingly being seen as the savvy option for those downsizing or unwilling to commit amid economic uncertainty. Given this, Paul Samter from the body has suggested that the government needs to changes the way it looks at homeownership, thereby following on from recent calls for the introduction of a private rental sector.  |
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