8 Dec

Young renters boost buy to let market

Young renters boost buy to let market

Young people are likely to boost the buy to let market after it was revealed that the majority will continue to rent.

A survey conducted by MyVoucherCodes.co.uk reported yesterday (December 7th 2010) that 77 per cent of young people who said they would not buy a property claim they will always continue to rent privately.

The discount website asked 1,721 people aged between 16 and 21-years-old their opinions on the current housing market.

It reported that 58 per cent believe they will never buy a home.

Of this figure, 67 per cent said it was because they could not afford the deposit required to get on the property ladder.

Last month, Nicholas Leeming, director of Zoopla, suggested that high down payments act as a deterrent for many first-time buyers.

This is likely to come as good news to buy to let owners, as the steep fees could force people to remain in the rental sector.

However, the report also found that 37 per cent of this majority say they simply prefer the idea of renting a buy to let property. ADNFCR-1222-ID-800280425-ADNFCR

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