Young professionals reaping financial benefits of renting

19 2007
Growing numbers of young professionals across the UK are being drawn to the "sense of freedom" and even the financial benefits of renting a property, it has been revealed.

While millions of Britons still remain obsessed with buying a home and getting a foot on the housing ladder, the Sunday Times has reported that renters are often paying less for their property and therefore have a greater disposable income.

Theresa Wallace of the estate agents Savills said, "The decision to rent may well be partly financial.

"People are waiting for prices to drop, they’re being put off by stamp duty or maybe, with prices so high, they simply can’t afford to buy – but it’s also a lifestyle choice," she told the newspaper.

"It’s actually becoming quite fashionable."

According to figures given as an example by the firm, renting a £750,000 house in the south-east would cost a young professional family an annual amount of £30,000, wile buying the equivalent property would set them back in excess of £50,000.

"If you think prices will rise more modestly, or drop, it makes sense to rent instead," concluded the Times' Daisy Waugh. ADNFCR-1219-ID-18360549-ADNFCR

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