Renting 'useful short-term option for FTBs'

27-Jan-2009

First-time buyers have been deciding to rent as a short-term solution amid falling house prices and difficulties in getting a mortgage, says letting agent Your Move.

David Newnes, managing director at the firm, said the impact of the credit crunch on the mortgage market has led to a boost in letting.

He noted that renting has offered people greater flexibility in the current economic climate.

"People are actively choosing to rent … potential buyers are biding their time in short term lets while they eye the market from a safe distance," Mr Newnes said.

His comments come after data from the Council of Mortgage Lenders showed that December 2008 was the lowest month for gross mortgage lending since April 2001.

But despite the impact of the economic downturn on the property sector, demand in the private rented sector in the same month was up 63 per cent on December 2007, according to figures from Your Move.

FirstRungNow.com - how to buy a house, from finding your first flat or first house, first time buyer mortgages, shared ownership, buying with friends, gifted deposit, part buy part rent - all a first time buyer could possibly need.

Property market tipped for major recoveryGovt 'making a stand' for FTBsHouse price reduction predicted

2012: Feb | Jan

2011: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2010: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2009: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2008: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2007: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2006: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2005: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar