Is Long Term Renting set to Replace House Buying Altogether?

19 December 2011 Categories: News

Is Long Term Renting set to Replace House Buying Altogether?

National residential letting agency ‘haart’ has reported another increase in the number of applicant registering with their branches over the last three months. According to the statistics the number of new registrations shot up by more than 10% in the months of August to October, and they predict similar increases throughout 2012.

When asked why he thought this trend was occurring the Managing Director of haart, Andrew Benn, said he believed for a growing number of people renting is now more of a lifestyle choice than an inability to purchase a property. He then went on to say “We are seeing a real culture change in the UK towards letting, with many people making a conscious decision to rent for the medium to long term, and in some instances for life, as we see on the Continent.”

This change in attitude towards renting has meant that numerous areas of the UK are seeing huge shortfalls in the number of private rental properties available to tenants. In some London boroughs and in areas around the South East an average of 10 applicants register for each property that becomes available. Thankfully buy to let mortgage lenders are starting to realise that renting is now a popular choice and new buy to let landlords are appearing on an almost daily basis.

 Nobody really knows what the UK housing market will do in the future, but it seems that for the time being renting is the lifestyle choice for most, even those that can afford to buy.