British homeowners turn to rental sector
Homeowners in the United Kingdom are increasingly considering the option of selling their own residential property and moving into a rented flat or house instead, according to a report released by public opinion research firm Unbiased.co.uk. According to the firm’s research, nearly 1.75 million homeowners in the UK would contemplate selling their house and renting instead, especially after the trauma of the real estate crash of 2008/2009. In fact, nearly one third (32%) of all those who indicated that rental accommodation was an option in the near future also responded that this same route would have been unthinkable only a couple of years ago.
The main factor motivating homeowners to consider renting in the future is the freedom and peace of mind that comes with not having to worry about potentially dramatic falls in property values. A growing number of Britons also want more mobility and the ability to move to areas with the most job opportunities, rather than being tied down by real estate. With unemployment figures expected to remain high throughout the year, this trend may become even stronger.
Britons seems to be approaching Europeans when it comes to perceptions of renting, rather than owning property over an extended period of time. Most countries in Western Europe have vibrant buy-to-let sectors and it is not uncommon for young professionals, established families and even pensioners to rent flats or homes. Karen Barrett, Unbiased’s chief executive officer, argues that the perceived prestige that came with owning property has lost much of its allure in the UK.