800,000 to ditch homes for residential lettings
News Category: Industry News
Published: 10-Jun-2008
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More than 800,000 homeowners plan to sell up and move into rented accommodation, according to research by Abbey Mortgages.
Residential lettings could see a short-term peak in demand as families take the safe option in the hope of returning to the market when house prices are low.
But while as many as 827,000 homeowners are considering such a move, 67 per cent have indicated that they intend to see out the credit crunch in their current property.
Commenting on the figures, Phil Cliff, director of Abbey Mortgages, maintains that many homeowners are opting for the safer lettings option to see out the current volatility.
"This could be because house price falls bring a larger property within their grasp or because they think they can cash in if they sell up now and wait for the market to hit its bottom."
Meanwhile, 1.2 million intend to take a risk and upgrade to a larger property in a bid to take advantage of the waning housing market prices.
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