Renting becoming more popular
There has been a marked change in the residential market in recent years and now almost 50% more people are renting rather than owning their own home according to recent research.
Renting is most popular in and around London.
Renters believe that they can enjoy the benefits of a better property than one they can afford to buy but also it still remains very difficult for many to get the deposit together to buy their own home. Not only that but obviously renting gives the individual more flexibility in where they live and how they live.
Renting means they can try an apartment, or a maisonette or a house, or live in the city or the suburbs. With average tenancies of 6 months it means they can try new things before they settle.
All that said, most people still see renting as a stop-gap measure before they purchase their own home with almost 60% of renters saying that eventually they wanted to buy their own place. This demand is likely to see house prices rise significantly over the coming 5-10 years.