Renting to become the norm for young people

Renting, not buying a home may become usual practice for more people than ever before, according to one property expert.

Ian Potter, operations manager at the Association of Residential Letting Agents (ARLA), said the fact that the average person is now only stepping onto the property ladder at the age of 35, means renting will continue to become more widespread. As widely documented, a major problem for young people is getting a mortgage. 

Results of an ARLA survey conducted at the end of 2010 showed landlords are now understandably far more confident about being able to find tenants. It found that 71 per cent of landlords believed renting was more popular in the final three months of 2010 than it had been a year ago. When the same question was asked at the end of 2009, only 35 per cent of landlords agreed.

Housing market statistics released yesterday by the Royal Institution of Chartered Surveyors showed the sector remains “sluggish”, with a continued lack of demand from buyers, and low levels of supply.