LETTINGS NEWS:- Renting now a preferred lifestyle, not a ‘second best’ option
For years renting was thought a ‘second best’ choice if you could not afford to buy. But that is changing, meaning good news for those considering purchasing a buy to let property as an investment. New figures from Santander show:
- a typical mortgage is £2,250 less a year than the average rent;
- yet 20% of households in England now privately rent;
- this is the highest total for over 30 years, and it’s still rising.
The figures suggest over a third of tenants could afford to buy but choose not to, preferring the flexibility and lifestyle that goes with renting. Santander says demand for renting is so high it is likely to account for 25% of households in England by 2024.
Ian Garcia, Founder and Director of East of Exe, explained: “We have certainly seen an upward trend in more customers renting privately and for a longer period of time. Purchasing a buy to let property has always been a good investment, but even more so in recent years.
“Choosing to let your property is a big decision that takes careful thought and planning; our team provide specialist expertise to guide you through the process and the ever-changing rental market.”
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