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Renters are not all aspiring buyers

Friday, 22 December 2006 12:00 AM

While two thirds of renters may be aspiring buyers who cannot afford to get on the property ladder, there are hundreds of thousands of Brits who are renting because of the choice and flexibility it brings them.

That is according to new research from Birmingham Midshires showing one in six renters does not aspire to own a property and a further 12 per cent rent because of the flexible lifestyle it offers.

The survey also finds 12 per cent Britons prefer to rent in their ideal location over owning a property away from their desired area.

Single Britons put flexibility further up their priority list, 18 per cent saying the choice renting offered them was why they did not aspire to buy their own place.

Single parent families had a higher than average desire to get on the property ladder, 79 per cent saying the only reason they rented was because they could not afford to buy.

"Recent house price growth has been well documented, so it's hardly surprising that many people believe they will struggle to buy. However, the findings reveal an interesting trend; people are actually making a conscious decision to rent rather than buy," commented Tim Hague, managing director of mortgages at Birmingham Midshires

He added: "The buy-to-let market has experienced consistent growth over the last ten years, and these findings help to demonstrate why. More and more people now see letting property as an achievable investment and an important part of a balanced investment portfolio."

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