'A third of renters chose not to buy property'

11-Jun-2009

Nearly one-third of people currently living in rented accommodation scrapped their idea to buy property in the last 12 months, it has been suggested.

Research from the Letting Protection Service (LPS) found that 29 per cent of tenants opted out of getting a first-time buyer mortgage and purchasing an inaugural property.

According to the firm, this equated to around 500,000 potential first-time buyers putting plans on hold and looking towards the private rented sector instead.

Kevin Firth, director of the LPS, said the figures indicated how the property market has "swung away from homeownership and towards rented property" since the recession started.

He also warned: "Many of these landlords [who now have greater demand for their services] are inexperienced, relatively new to the market and unsure of the risks and legislation involved."

Recent reports from the National Association of Estate Agents have claimed that first-time buyer confidence is returning to the housing market and an increased number of properties are selling.

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