Nov
12
Choose to rent
Filed Under Renting news by admin | Leave a Comment
ARLA, the Association of Residential Letting Agents has estimated that within the next decade 15% of housing stock will be made up of the private rental market. Interestingly, Edinburgh’s private rented housing stock already makes up 17% of the market – this is double the national average. In comparison, privately rented property in Glasgow and areas like Dundee makes up around 8-10% of housing stock.
ARLA’s research showed that more and more Britons are turning to renting even though they might be able to afford to buy – renting no longer carries the stigma it might have carried in the past.
Chairman of the National Landlords Association (NLA) David Salusbury said that renting offered a “good value alternative” particularly for those who would find renting more suitable to their lifestyle. Renting a flat offers flexibility and often a better quality than an individual would be able to afford to buy. At the time of their life when a young person might consider buying, they often do not want the commitment that comes with purchasing a property, and choose to rent instead.
15 years ago buying seemed to be a cost-effective option – however now it has been proven that renting is officially 2/3 the cost of buying a 2 or 3 bedroom property on a 100% mortgage, according to a study by the University of York for mortgage analysts Hometrack.
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