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Culture of renting holding back first-time buyers

Tuesday, 28 June 2005 12:00 AM

An increasing commitment to a 'flexible' lifestyle is holding back renters from entering the property market almost as much as affordability.

That is the conclusion of a new study into the attitudes of prospective first-time buyers in the UK by GMAC-RFC - the country's 12th largest mortgage provider.

"It is important to understand that there are other important influences affecting [first-time buyers] other than the straight affordability issue," said Stephen Knight, executive chairman of GMAC-RFC, launching the research.

The company found that 'lifestyle issues' were very nearly as important to people not stepping onto the housing ladder as the expense of raising a deposit.

Buying property was seen as synonymous with "settling down" by 71 per cent of current renters.

Location was seen as massively important, with eight in ten tenants saying they preferred renting because it meant they did not have to make a long-term commitment to a specific area.

Seventy per cent said renting allowed them to choose an area near friends, while six tenants in ten said renting allowed them to live in a better area than they could afford to buy in.

Flexibility was also seen as a top reason not to buy.

Seventy-two per cent of tenants said renting gave them the option of travelling in the future while 71 per cent felt renting made it easier to move jobs.

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