More Britons choose buy to let property

25 February 2010

Written by David Whittaker

Buy to let landlords may be encouraged by figures claiming that more Brits are choosing to rent property.

Communities and Local Government (CLG) published figures yesterday (February 23rd), which showed that home ownership levels were decreasing.

Since 2001 there has been a rise of approximately one million households choosing to privately rent property.

Chairman of the Residential Landlords Association Alan Ward claimed this was an "inevitable" progression due to the recession.

"Fewer houses are being offered for sale, new build is also down dramatically with only 60,000 built last year - so people who have no need to move are renting," Mr Ward explained.

Many people understand that financially it makes sense to rent and this demand should stay strong for some time, he added.

CLG stated that there are now 3.1 million households that choose to rent privately, although more than half of them plan on eventually purchasing their own home.

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