Flats to rent in London 'increasingly preferred' among Brits
Searching for a flat to rent in London may be increasingly more appealing as stepping on to the housing ladder becomes harder to do.
In light of the recent economic downturn, more young Brits coming out of university with mounting debts are looking to rent property rather than attempting to stump up the 25 per cent they need for a mortgage deposit, it has been suggested.
The inclination towards renting is a sign that the UK is moving towards a trend highly popular on mainland Europe were 60 per cent of Germans and 25 per cent of French opt to rent flats instead of buy.
James Davis, chief executive of upad.co.uk, said: "It is becoming more financially astute to rent than purchase from an affordability perspective."
Fifteen per cent of Brits currently rent a property and that figure is expected to rise to 25 per cent over the next ten years.
According to survey published by Easyroommate.co.uk, the UK has the highest monthly rental rate in the whole of Western Europe, with average rent costing £348 a month.
By Andy Britten
Published 29th June, 2010
© 2010 Estates IT Limited
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