Professor: Renting is better than buying for many

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A university professor has argued that many people in the UK would be better off renting their home than looking to buy.

Professor Steve Wilcox of the University of York carried out research which looked at long-term trends in house prices, mortgage costs and private rents relative to household incomes.

He explained on BBC Radio 4's Today programme that the study showed how "the growing private rented sector is providing a more affordable option than access to home ownership in all parts of the country".

Professor Wilcox added: "Obviously it's renting and you're not acquiring an asset, but at the same time it is providing a home and there is that increased choice to rent at the same time as we have increasing problems about access to home ownership, and that's a trade-off.

Furthermore, Professor Wilcox pointed out that renting offered more mobility, making it appropriate for younger people.

"If you're newly starting out in work, you may wish to be mobile in terms of job opportunities, and for many households private renting is a better solution because of the flexibility and the mobility that it offers," he concluded.

Recently, Adrian Turner, chief executive of Arla, explained that the private rented sector offered people choice in a time "of mixed expectations for future strong rises in house prices".

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