Rental property 'preferred' in uncertain market
The majority of home movers prefer renting rather than buying property due to the fragile state of the market, it has been claimed.
Peter Beckett of Iammoving.com said that yesterday's 0.25 per cent interest rate cut was a move "in the right direction" but that it would fail to have a significant impact on the affordability of mortgages.
"This is not going to set the market on fire, but it is at least going in the right direction," he said. "It will certainly take more than this to get the housing market moving again."
Mr Beckett added: "At this stage renting is seen as a better option by many that buying a house - which is a big change in attitude from the last ten years."
He went on to reaffirm previous comments by Iammoving.com chairman Simon Preston, who had said many homeowners are considering cashing in on the value of their home and switching to the rental sector prior to any potential crash.
Mr Beckett commented: "Many of the homeowners who are on the move are actually going into rented accommodation if they are lucky enough to sell, because the general feeling is that the market will continue to slow."
Published 11th April, 2008
© 2008 Estates IT Limited
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The majority of home movers prefer renting rather than buying property due to the fragile state of the market, it has been claimed.