27 Feb

Survey finds strong inclination to rent

Survey finds strong inclination to rent

The majority of people are keener to rent than buy at present, a poll has suggested.

An Adfero survey carried out in Leeds found that 58 per cent of the 31 people questioned said they would rather seek rental accommodation in the current economic climate.

Respondents expressing this preference stated that affordability remains an issue for them, with comments including: "There's no way I could afford to take on a mortgage at the moment, as much as I would like to" and "rent is all I can afford".

However, one respondent said he is currently looking to buy after saving up a deposit.

The large number of people seeking rental accommodation could be good news for buy-to-let investors, suggesting that a significant market still exists for such accommodation.

Figures from Nationwide yesterday indicated that affordability is improving for those keen to get on the housing ladder.

The building society's chief economist, Fionnuala Earley, said the average first-time buyer will now face payments of £530 a month, compared to £915 at the end of 2007.
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