'More Brits renting'

The current climate in the property market is scaring many potential buyers off, resulting in more and more people looking to rent.

"People who would normally be looking for new mortgage deals are opting to rent instead", one expert has claimed.

The National Association of Estate Agents explained a significant decline in home buying loans has resulted in more people searching for temporary accommodation.

"There are some fantastic rental deals out there at the moment. Many new builds that were intended to be a block of flats sold off individually are now being rented out as there is no interest to buy. This has resulted in the owners lowering prices just to cover their costs".

It stated whereas in the past people who sold their house purchased another one straight away, more Brits are choosing to wait and see what happens with regard to property prices.

"Renting also seems to be a good option for many people looking for new work. Renting gives you the freedom to move around when you like, unless you're bound by a contract, which means you're not too tied down if you receive a job offer in another town or city."

Chris Brown, president of the National Association of Estate Agents, said: "You're getting people who traditionally would never rent a house who are saying 'yeah let's have a look, let's rent a house'."

Recent research from the group showed housing demand is up but supply is limited. This could be down to the fact that many new builds are quite expensive, and for those looking to move out it would result in spending more money. Those who are looking to move onto the property ladder for the first time wouldn't even stand a chance of buying a new property unless they were "lottery winners", one expert said.

Last month, the average number of house hunters on estate agents' books was 54, compared with 242 in December.

However, sales remained constant at six per cent.

Of the deals that did go through, 25 per cent were to first-time buyers moving into "older" properties.

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