Brits' attitude to renting 'will become more European'
News Category: Industry News
Published: 18-Jul-2008
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Conditions in the property market will lead to Britons taking a more European approach to renting, it has been claimed.
Recently, 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.
According to property consultant, Michael Holmes the trend marks a turning point in the housing market, which 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."
Lettings agents and landlords are benefiting from growing demand for rental accommodation, with Paragon Mortgages recently noting that rental yields arecurrently at their highest level since 2006.
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