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Renting is now cheaper

Wednesday, 12th January, 2005

Recent research carried out have indicated that it now cheaper to rent than it is to buy. With rental prices remaining steady for the last few years and house prices increasing the average rental for a flat in ayrshire is good value for tenants. With almost all market observers forecasting that house price growth will slow rents are more likely to rise in line with earnings at a steady rate.

A recent survey carried out by the council of mortgage lenders stated that, within the next 2 years, we are likely to see a steady decline in the proportion of young people aspiring to become owner-occupiers.

In 1983 their finding showed that some 97% of under 25s wanted to own their own home; today this figure stands at 37%. In terms of prospects for rental growth, this is good news for landlords. But at the same time it raises questions about the scale of future house prices. This is beacause first time buyers are the vital fuel which feeds the market form the bottom upwards. A prolonged absense of first time buyers offers no support for rising house prices.


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