Market News
February 2010: People turn to renting, as home buying peaks
In a recent survey by unbiased.co.uk, a body representing IFAs, it was found that in 2010 as many as 2 million homeowners might move from the bought to the rented sector, selling their homes and renting instead.
The survey found that the most popular attraction of renting was the freedom to move more easily around the country. In a tough job market, flexibility of movement to where work can be found is essential. People are moving away from rural areas and into larger urban areas such as Birmingham.
The average length of time to sell a house has been increasing steadily over the last two years, creating even more of a feeling that a house ties one down when searching for jobs. One in eight people now "no longer aspire" to home ownership.
Private renting has moved up from its low in the UK of just 8% in the late 1980s to 14% in 2008, according to the official Rugg review, published last year.
September 2009: Fewer rental properties available
The Royal Institution of Chartered Surveyors (RICS) has reported that only 6 per cent more estate agents reported a rise rather than a fall in new instructions from landlords in the three months to July 31, down from 21 per cent in the previous three months.
This slowdown is thought to be as a result of the reduction in the number of 'accidental landlords': owners who have been forced by the slow property market to let rather than sell their properties. As evidence of a stronger housing market has increased, more of these properties are now being sold rather than let.