Renting 'the sensible option' in current climate

26 2008
Renting a property for the next couple of years is a sensible option for those people looking to ride out the current wobble in the UK housing market.

That is according to some mortgage brokers who have witnessed a decrease in interest from prospective first-time buyers since the global credit crunch started to hit home just a few months ago.

With property prices likely to stay pretty level over the coming months, renting could be the best choice for those wanting to take a cautious approach before making the biggest financial decision of their lives and attempting to buy their own place, David Hollingworth, from the mortgage broker London & Country, has explained.

"It is good news in lots of ways because it allows first-time buyers to catch their breath and save up a deposit without worrying that house prices are running away from them," he told the Mirror.

Furthermore, the Association of Residential Letting Agents (Arla) has added that renting gives people more flexibility, a key factor in times of uncertainty.

"You can move about to follow jobs or just have the lifestyle you want without the commitment of a mortgage," noted Arla's operations manager Ian Potter. ADNFCR-1219-ID-18522857-ADNFCR

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