25 Jul

Many renting 'as economy takes its toll'

Many renting 'as economy takes its toll'

The credit crunch has meant that more people are now opting to rent properties rather than purchase them, a new report from Your Move has revealed.

According to the company, between May and June the amount of commenced leases grew by three per cent as economic conditions barred first-time buyers from buying their own home.

Moreover, it stated, year-on-year the popularity of renting increased by 38 per cent because those searching for new homes changed their minds.

David Newnes, managing director at Your Move, remarked that there is currently great potential for buy-to-let investors to take advantage of this trend.

"Opportunities to invest are ripe for professional landlords able to secure financing. With rising tenant demand comes rising rents - buy-to-let yields will consequently improve," he commented.

Additionally, he explained that it is now harder for people to obtain credit because of tightened lending criteria.

The Chartered Institute of Housing recently said that young people in the south-east believe it is difficult to get on the property ladder.ADNFCR-1222-ID-18702398-ADNFCR

Cookies We use cookies to ensure that we give you the best experience on our website. To find out more about our cookies policy, see our cookies policy here or in the footer.