19 Jun

Property ownership 'enshrined in UK consumer psyche'

Property ownership 'enshrined in UK consumer psyche'

The desire to own property is "enshrined in the UK property market", according to the chairman of property and financial organisation DTZ Residential.

Peter Braithwaite said that it would take a "major change" in the sector for renting to become the more acceptable and most sought-after living arrangement in the country.

He added that there are a number of ways of gauging people's attachment to where they are living.

"At present, an owner refers to the fact that 'I have a place in Chelsea', and someone renting says, 'I rent a flat in Chelsea'," the expert explained, suggesting the different connotations associated with renting and ownership.

Commenting on other parts of the industry, Mr Braithwaite claimed that mortgages are at a "relatively affordable" level at the moment.

Housing intelligence group Hometrack reported on June 1st that there was a six per cent increase in the number of new buyers registered in May 2009, compared to the previous month.

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