Home movers opting to rent first
Published: 01-Apr-2008
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An increasing sense of caution in the UK property market could spell good news for buy-to-let landlords, as new home purchases are on the decline.
According to Simon Preston, chairman of IamMoving.com, the UK's only free online change of address service, the number of people moving home is "down substantially, probably close to 30 to 40 per cent".
He went on to say that some people were choosing to sell their house and then rent, to give themselves time to watch the market before buying another property.
Mr Preston commented: "Within the people that are moving, some people are thinking that it might be prudent to sell then rent and hold on to the cash for a while and see what happens, just in case those prices go down further over the next 12 to 24 months.
"[This is] not a dissimilar mentality to people selling their stocks and shares, putting in the cash and sitting on their hands waiting to see what happens."
The number of owner-occupied house in England fell by 83,000 in 2007, according to a report by the Department for Communities and Local Government (CLG).
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