Renting currently considered 'a better option' than buying
Published: 10-Apr-2008
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Despite the Bank of England's announcement of a quarter point cut to interest rates today (Thursday, April 10th), renting will remain the preferred option for home movers at the moment.
That is according to Peter Beckett, a spokesperson for online change of address service iammoving.com, who said that the reduction of the base rate to five per cent was "not going to set the market on fire".
He noted that renting was currently considered to be "a better option" than buying, due to predictions of a continuing slowdown in the UK property market.
Mr Beckett commented: "Many of the homeowners who are on the move are … going into rented accommodation if they are lucky enough to sell, because the general feeling is that the market will continue to slow.
"People will always need to move, but at this stage renting is seen as a better option by many than buying a house - which is a big change in attitude from the last ten years."
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