Those wanting debt solutions could become tenants

05/01/2010

Homeowners seeking debt solutions have become more inclined to sell their home and consider renting over the past year.

This is according to findings from Unbiased.co.uk, which revealed that 1.75 million property owners in Britain are now thinking about selling their house and becoming tenants.

Almost a third (31 per cent) of tenants who responded said that renting gave them more freedom because they did not have the hassle of owning their own home.

Chief executive of Unbiased.co.uk Karen Barrett said that the recent property market crash has had a "profound effect" on how people view the value of their homes.

"For many who own their own home, the worry and stress of this through the property market volatility has caused them to re-think about whether long-term renting is a viable option for them," she explained.

Just 13 per cent of renters said the property market crash had not put them off buying, with property ownership apparently more of a priority among those in the 18 to 34 age bracket.

Separate findings from the website recently revealed that consumer savings levels had declined further during the third quarter of 2009.

Tags; Housing Debt and Bills,

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