UK Housing Market Favours Renting rather than Buying

02 July 2012 Categories: News

UK Housing Market Favours Renting rather than Buying

If recent statistics are anything to go by it seems the UK may soon see more rental properties on the market than those available to buy. This turning point in the property market could come sooner than expected and shows how the needs and finances of UK inhabitants are changing.

According to Experian, the credit rating specialists, over 172,000 properties were added to the rental market during the first three months of this year. In comparison 187,000 were put up for sale. These figures equate to a 6.3% increase in the number of rentals when compared to the same period last year, but a 2.5% decrease in the number of new instructions to sell.

London is currently seeing the biggest difference between the two markets with 35,789 properties available for rent but only 19,996 available to buy. The increase in the number of rental properties in the capital is the largest increase recorded in the UK year on year, meaning that 20% of all rental properties currently on the market can be located within London.

Experian’s Jonathan Westley commented on the figures saying, “The increase in rental homes in the first quarter of this year and the decline in resale properties illustrates how consumer’s financial needs are changing.”