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Rental property 'the white knight' of the housing market
The private rented sector (PRS) in the UK has been described by an industry expert as the ’white knight’ of the current housing market. Malcolm Harrison, property industry expert speaking on behalf of Let Insurance Services, claims that it will be a major attraction in the coming months. He said that as the UK is currently experiencing a "mortgage famine", this has given many people no option but to turn to property to rent.
First-time buyers are the main demographic group who have, due to the restriction on mortgage availability, benefitted most from rental property he suggested.
’Every time we have a recession, or a near-recessionary period, the private rented sector is the white knight for the whole of the housing market. People have to turn to the private rented sector to find housing,’ Mr Harrison explained.
He did however stress the need for caution on the part of both tenants and landlords, with people needing to be equally as careful about referencing and deposit taking as they would about matters to do with buying a home.
This news comes after Tim Lambert, head of consulting at Ducalian, said that ’the majority of people’ are currently inclined to believe that renting is better than buying a property, especially in view of the factors affecting the property market, such as a lack of mortgage availability.
Posted: 15 May 2011
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