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While today’s decision by the Bank of England MPC was literally a no brainer it does not help the thousands of home owners who are struggling to make ends meet. As we read another report from the...
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Tuesday 20th May 2008
In a move which will stun many in the UK it seem that more and more of the population are looking to rent as oppose to buying their property outright. The number of the UK population living in private rented accommodation was 10% in 2002 but this has risen to 12% in 2007. While the increase may not look startling, it is significant when you consider the numbers involved.
A report by property experts Paragon has also shown that long term renting of a family home has become more accepted in the UK. As house prices continued to push forward many people were left behind and had no option but to rent. The strange thing is that this increase in tenants meant a flourishing buy to let market, which fed the property market and pushed prices higher.
It is very difficult to see how the UK property market can return to levels of just a few years ago without a massive catastrophe even larger than the credit crunch. The more house prices rise, the more people are forced into renting property which gives property investors more money to spend on assets. This really is a very difficult situation for the government although some would say it is one of their own making...... |
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