Familes are letting out their London home to live in the country, while young executives abandon buying altogether in favour of a more flexible lifestyle.
“There is a definite move towards renting,” says Liam Bailey, head of research at Knight Frank. “It is becoming more middle class. The hiatus in the market has caused people with bigger properties who can’t sell, to rent. There is a lot of it going on with bigger, better-quality family houses available to let.” Thrusting professionals and creatives are opting for it, too.
“If the mortgage market is difficult to access without a big 10 per cent to 25 per cent deposit, buying is only possible for those with large amounts of cash.” He anticipates the rented sector could grow from nine per cent to 25 to 30 per cent of the market.
Source: Daily Telegraph