People Prefer to Rent….it’s more flexible…

Recent demand by Darwen Letting Agent, Ainsworth Lord Estates, who manages properties in Darwen, Blackburn, Bolton and Accrington for local property owners and investors from all parts of the UK, is at its highest ever.
Properties coming on our books are being filled before the boards go up in many cases.
So is this just down to the difficulty in getting finance or are there other reasons behind this current pattern?

Well Ainsworth Lord Estates, the top performing
Estate Agents in Darwen can confirm that there are a number of people who have recently sold their house with them and who are just wanting to rent for the time being.

But recent reports in the media also suggest that people are happier to rent because it provided more freedom and flexibility when it come down to re-locating…
See what you think of the report, taken from Property Wire…

Twice the number of people choose to rent than own their own home in UK

Twice the number of people in the UK are renting a property rather than buying but it is not just because they cannot get on the property ladder as many say they like the flexibility of being able to move more easily.

Results by specialist letting agents’ service provider Endsleigh shows that 45% say they prefer to rent compared with 23% who prefer to own their own home.

The data, which also ranks the top ten regions in the UK for renting, shows that Middlesex is the most popular area, with over three times as many renters, 51%, than buyers, 16%. It is closely followed by East Sussex at 48%, Surrey at 46% and Berkshire also at 46%. Six of the top ten regions are in the South East of England, and all of the top ten are in the Southern part of the UK.

Despite the majority of renters, 92%, ranging between 16 and 50 years old, and having different needs and wants from their property, all ages said they liked the flexibility of renting because there is more freedom to move between areas and into different types of accommodation.

Over half, 62%, of renters surveyed are living in a property that is in a totally different location to their previous accommodation. With a greater amount of properties now available to rent due to property prices being lower than before, many believe they can also get more for their money by renting.

Unfurnished properties take preference over furnished homes giving tenants the opportunity to add their own personal touch through furnishing their accommodation.

In spite of ongoing concerns about the UK economy, job market, and residential property sector, Endsleigh also found that three out of five, 62%, of renters intend on buying a property within the next five years.

‘The impact of the recession on the value of properties has meant that some home owners have opted to rent rather than sell, subsequently increasing the amount of supply in the lettings market. More choice and flexibility on the area and type of accommodation available is good news for some tenants,’ said Carlos Thompson, Endsleigh’s head of business development.

‘However, whilst more properties means more choice, the surge in renting means there can be fierce competition in applying for a property, and there is a real risk that tenants will stretch beyond their means and choose somewhere that they wouldn’t normally, just to secure a property,’ he explained.

The opportunity to capitalise on a lucrative rental market has also led to a rise in competition between letting agents as they all look to fill their books with landlords’ properties. Therefore it’s more important than ever for agents to offer a first class service that includes comprehensive reference checks and rent guarantee insurance, which will not only protect landlords from overstretched tenants that might default on their payments, but will distinguish them from their agent competitors,’ he added.

About ALE Admin 87 Articles
Property Profession based in Darwen, having lived and worked in the area for the last 35 years, I like to think I know the area extremely well. I have an extensive network of colleagues and friends within the Property Business and related Professions around the country. Expert opinion from my Power Team is just a phone call away...

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