Rental high 'set to continue'
News Category: Industry News
Published: 05-Jun-2008
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Britons are increasingly opting to rent rather than to buy, one industry expert has claimed.
Figures from the Land Registry published in May indicated that house sales were down by nearly 20,000 between September and December 2007 compared to the same period in the previous year.
According to Stuart Law, chief executive of buy-to-let specialist Assetz, residential lettings are likely to see an increase in rental demand as first-time buyers turn away from purchases.
He said: "The current negativity has resulted in a significant fall in the number of first-time buyers entering the market over recent months, with many expected to stay away over the short-term.
"As a result, strong rental demand is set to continue."
Meanwhile, research from the University of York suggests that rental demand could be set to continue.
A countrywide study suggests that as manyas 28 per cent of UK workers cannot afford to buy the lowest cost property in their local areas, rising above 40 per cent in London and the south east.
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