Tenant numbers 'to rise'

23/02/2009

Many people who would not traditionally consider renting are now changing their opinion due to the housing downturn.

This is the key finding of new analysis from the National Association of Estate Agents (NAEA), released today.

Recent figures from the group show that the UK housing market, which has been hammered by the global credit crunch, remains in the doldrums.

They showed that, while the number of house hunters on an average estate agent's books increased in January, this rise in demand did not translate into a rise in sales.

In fact, the typical agent sold just six homes each over the whole of the month, signalling that budgets remained tight and that more and more people were considering rental property instead.

NAEA president Chris Brown said: "The rental market by comparison to the sales market is doing very well.

"What's happening is … you're getting people who traditionally would never rent a house who are saying: 'Yeah let's have a look, let's rent a house'.

"That's part and parcel of the whole issue."

Tags; Current UK Economy, Young Family Finances, Recent Graduate Debt,

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