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Rise of the 'lifestyle renter'

Choosing to rent rather than buy has become a lifestyle choice for a significant minority, new research indicates.

Birmingham Midshires found that many tenants are choosing to rent, with many eschewing the perceived inflexibility and conformity of the traditional owner-occupier.

Some 13 per cent of rents claim they do not aspire to own property while 12 per cent want to avoid the inflexibility of being tied to a property. A further 12 per cent would rather rent in their dream area rather than owning a house for the sake of it.

"The findings reveal an interesting trend; people are actually making a conscious decision to rent rather than buy," Tim Hague, managing director of mortgages at Birmingham Midshires, commented.

"The buy-to-let market has experienced consistent growth over the last ten years, and these findings help to demonstrate why. More and more people now see letting property as an achievable investment and an important part of a balanced investment portfolio."

Unsurprisingly, singletons are most enthusiastic about the flexibility of renting, with 18 per cent citing this as a reason not to buy a home.

However, affordability clearly remains a concern, with nearly seven in ten tenants admitting they cannot afford a mortgage, rising to four in five among single parents.

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15/12/2006 11:32:43

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