Letting agent: UK on cusp on housing market revolution
News Category: Industry News
Published: 30-Jun-2010
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A leading online letting agent has stated that the UK's housing market is on the cusp of a revolution.
According to James Davis, chief executive of Upad.co.uk, it is becoming more and more difficult for people to take their first step on the housing ladder.
He explained that this is because students are leaving university with around £20,000 worth of debt and are then asked for deposits of as much as £40,000 towards a house.
As a result, Mr Davis stated, renting from a letting agent or a landlord is becoming an increasingly popular choice for many.
"It's becoming more financially astute to rent than purchase from an affordability perspective," he commented.
Mr Davis claimed that letting agents and landlords will see rents rise by as much as ten per cent over the next year.
A new report from Easyroommate.co.uk indicates that UK tenants could be paying as much as £63 a month more than to their European counterparts to rent their property.
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