Young professionals opting to rent rather than buy |
17 2007 |
| Growing numbers of young professionals across the UK are putting plans to buy a property on hold and instead opting to rent a flat or a house, the Association of Residential Lettings Agents (Arla) has revealed. According to the professional body, renting is growing in popularity as a result of increased costs associated with buying a property, with house prices, stamp duty and Home Information Packs showing no sign of going down anytime soon. In contrast, renting is less costly, both in terms of the affordability of rent and the lack of maintenance or furnishing expenses, and offers a much more flexible choice, Arla's spokesman Malcolm Harrison stated. "It is more than likely that over the years renting has been the cheaper and more flexible option for many people," he explained. "Quite a lot of people, even if they can afford to buy, are at a stage in their life where they want the flexible option of renting." With house prices continuing to soar in the capital, London remains the most popular place for young professionals to rent a flat and not worry about the added expenses of the buying process.  |
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