Property renting is the new owning (From Bradford Telegraph and Argus)

Property renting is the new owning

6:50pm Tuesday 10th January 2012 in Business

This year could be the year in which property renting becomes the new ‘owning’, according to one of the UK’s largest letting experts, Belvoir.

Increasing consumer nervousness, unemployment, a squeeze on purchasing power triggered by a downturn and the Eurozone debt crisis are factors which could make many turn their back on prospective home ownership, predicts the firm.

Belvoir managing director Dorian Gonsalves said: “I believe that, for reasons of flexibility, mobility and budget, 2012 will see a shift towards more people viewing renting as a preferred lifestyle choice, rather than a necessity.

“By renting a property people are able to plan their spending much more accurately and also have the flexibility to relocate and follow job offers. These factors are currently gaining increasing importance in the current financial climate.”

The number of house purchase transactions is currently half of those pre-credit crunch.