Landlords benefitting from a new renting culture
by Morag Lyall
Now could be the perfect time for landlords to expand their property portfolio as one expert has suggested that the UK could soon become a renting culture over one that favours ownership of houses.
James Davis, chief executive of Upad.co.uk, said: "It's becoming more financially astute to rent than purchase from an affordability perspective."
"We are on the cusp of a revolution within the UK housing market, and we will follow other European countries where renting is the preferred method of tenure," he added.
His comments come after research by Easyroommate.co.uk found that the cost of sharing a flat in the UK is the highest in western Europe, at £348 per month.
This has been put down to high rental demand as fewer people can afford a mortgage.
Mr Davis commented: "With house prices over the last 50 years rising at twice the rate people's incomes are raising at, it means that there will continue to be a disparity between incomes and house prices.
"It's getting more and more unaffordable to get on the housing ladder."
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Published on: June 29, 2010
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