Letting popular 'during times of uncertainty'
by Sarah Ashcroft
There is still strong demand for tenancy agreements
because people are generally uncertain about what the property market may hold, one expert believes.
Consumers are also cautious about whether they are likely to hold on to their jobs, explained Chris Norris, policy manager at the National Landlords' Association (NLA).
"What we see at the moment is far more types of household or types of individual looking at renting as a viable option, as was traditionally the case," he continued.
Mr Norris suggested that the market appears to be growing at the moment as people show a reluctance to buy, rather than simply being unable to.
At present, the mortgage market requires people to have a significant deposit to get on the ladder, which is not achievable for many, the expert added.
Figures from the Consumer Credit Counselling Service recently showed that around 2.9 million tenants in the UK are either in rent arrears
or are unable to pay their landlords.
Published on: August 18, 2011
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