Hotel stays 'an alternative' to buying or renting
Many Britons are seeking out a "third" way of accommodation - by staying in a hotel.Celebrity financial expert Lorne Spicer said that the homeowning alternative was becoming popular, due to the recent falls in the property market.Today, Nationwide revealed that house prices have fallen by over 12 per cent in a year - while rents are also on the up thanks in part to increasing demand.Hotels.com, however, says that staying one night in a hotel costs £106 per night on average - out of the price range of most.Ms Spicer commented: "There's nothing new about living in hotels; lots of very famous people have done that for years it's not a particularly unusual thing but we are very stuck in our ways in the UK as we just see it as either housing market or rental end of story. We don't look at alternatives. "Renting can be as expensive, and in some cases in the country more expensive, than home ownership."She added: "It's a third arm, a third option [although] realistically no-one wants to stay and live in a hotel permanently, unless you can afford a penthouse."
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