Buy to Let & Residential News
Brits adopting continental renting attitude
2008-07-18
Britons in the UK will take an increasingly continental attitude towards the renting as conditions in the housing market preclude purchase for many, a property consultant has claimed.
The lack of availability of mortgage finance, coupled with uncertainty over house prices, has resulted in more and more would-be buyers opting to rent out property instead.
This has led to property consultant Michael Holmes to claim the trend marks a turning point in the housing market.
This, he adds, will eventually lead to a sea change in how renting is seen by Britons.
He told the Times: "Until now renting has been a dirty word, with people seeing it as money down the drain.
"Now mortgage rationing will push us into a more continental approach to the property market, in which the majority rents."
Paragon Mortgages has recently noted that rental yields are currently at their highest level since 2006.
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