Are more Londoners choosing to rent?
Homeownership is falling, according to new research, which could point to a growing trend for Britons embracing the flexibility and cost savings that renting their home can afford.
According to the Survey of English Housing, the number of people choosing to buy their own property has fallen over recent years, which may be as a result of the house market crash.
In light of this, the Council of Mortgage Lenders has claimed that this trend is only likely to continue due to first-time buyers increasingly struggling to afford to but, teamed with a fall in supply.
Since the recession, many buyers may have found they have had to save a significant sum in order to cover the cost of a deposit, while securing a mortgage in the first place could have been difficult.
As a result, more people may be considering flats to rent in London borough of Docklands or another part of the city, rather than buying in the same area.
This could offer them the possibility of saving money, along with a more flexible lifestyle.
Renting a home may be particularly advisable after figures from the Land Registry revealed property prices in the city have increased by 10.5 per cent in the last year.
Written by Martyn Glynn
Published 4th March, 2010
© 2010 Estates IT Limited
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