4 Jan

'Cultural shift' likely to be in evidence in strength of rental market

'Cultural shift' likely to be in evidence in strength of rental market

The culture in the UK for people moving towards renting rather than buying homes through estate agents is set to continue throughout 2013, an expert has claimed.

In 2012, there were 12 per cent more first-time buyers coming into the property market than there were a year earlier. However, this is not likely to continue in an upward trend, said Dorian Gonsalves, chief executive officer of Belvoir Lettings.

"Belvoir Lettings predicts that the private rental sector (PRS) is likely to remain a popular choice for 2013, with demand for rental property unlikely to slow and newly formed households continuing to choose the rental market as opposed to buying," said Mr Gonsalves, before adding that this cultural shift was likely to be permanent.

In the past few years, the rental sector has gone from strength to strength in the UK, with prices on a monthly basis hitting as high as £744 per month during November 2012, according to LSL Property Services.ADNFCR-1222-ID-801516684-ADNFCR

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