People 'looking to rent' ? buy to let mortgages

23 February 2009

Many people are looking to rent a home instead of buying one at present, it has been claimed.

Chris Brown, president of the National Association of Estate Agents, revealed that the rental market is "doing very well" in comparison to the property sales sector.

In what could be a positive development for those with buy to let mortgages, Mr Brown stated that some people who have sold their home are renting a new one for a few months instead of buying in the current climate.

This can be useful for families that are moving town and want to assess the area before committing themselves to purchasing a property, he explained.

"You're getting people who traditionally would never rent a house who are saying: 'Yeah let's have a look,'" Mr Brown commented.

However, the Royal Institution of Chartered Surveyors' UK housing market survey for January 2009 indicated that expectations for house sales to increase have improved among members.