10:56 AM, 19th June 2018, About 4 years ago 2
Research carried out by Direct Line for Business indicates that the UK may be heading towards a more ‘German’ style of property market with a greater percentage of homes being rented.
From these research figures approximately 70% of the estimated 17 million people renting in the UK do not plan to purchase a property, with 22% citing the associated financial commitment as the reason for them being put off.
The results of the research show that last year, the average price paid by first time buyers was around £207,693, in excess of 50% higher than 5 years ago when a similar property would cost around £138,663 on average.
This suggest many people are not looking to get on the housing ladder and just don’t want the financial commitment of home ownership. While 9% cited a lack of flexibility and a want to have the option to travel and 8% said they didn’t want to be tied to one particular area.
Christina Dimitrov, The business manager at Direct Line for Business said: “The UK housing market continues to change and we are seeing a major attitudinal shift when it comes to renting. While price is a factor, many people are increasingly comfortable with the flexibility afforded by renting a property rather than jumping into home ownership.
“In line with the greater demand for rental properties, the Government has introduced tougher controls and regulation. Recent legislative changes mean landlords have stringent guidelines to adhere to in order to ensure the health and well being of their tenants. It is important that landlords ensure all of their properties are adequately insured to minimise distress to them and their tenants should something go wrong.”
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