Consumers would rather rent, survey shows
The majority of people looking for a home in the current economic climate would rather rent than buy, a survey has revealed.
A poll of consumers by Adfero showed that 58 per cent would opt for the rental option, as concern over their ability to secure a loan for home purchase purposes remains.
"There's no way I could afford to take on a mortgage at the moment, as much as I would like to," said one respondent, an opinion that could be shared by many of those thinking of living in London.
It follows Moneyfacts.co.uk findings that first-time buyers are having to pay an average interest rate of over seven per cent for mortgages, despite the Bank of England's base rate standing at one per cent.
Analyst at the price comparison site Michelle Slade also noted that a deposit of 40 per cent is being required in many cases, restricting the ability of many to buy property.
Published 2nd March, 2009
© 2009 Estates IT Limited
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The majority of people looking for a home in the current economic climate would rather rent than buy, a survey has revealed.