Thursday, June 11, 2009

LPS (Letting Protection Service) indicates swing in favour of renting

Almost 30% of first-time buyers scrap plans to buy

Almost one third of potential first-time buyers scrapped plans to buy a house in the last 12 months because of the economy, show figures from the Letting Protection Service. The LPS found that 29% of current tenants in England and Wales intended to buy over the last 12 months but shelved their plans because of the economy.English Housing survey results published in September 2008 calculated that there were 1.7 million short hold tenancies in England and Wales – 29% of which is 493,000.Kevin Firth, director of the LPS, says: “These figures indicate the extent to which the property market has swung away from home ownership and towards rented property during the housing slump.

Posted by jack c @ 02:53 PM (965 views)
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3 thoughts on “LPS (Letting Protection Service) indicates swing in favour of renting

  • japanese uncle says:

    The most obvious conclusion among FTBs may be this. Buying a house now may well end up repossession as job security is hanging or likely to hang in the balance, interest rate could potentially skyrocket into two digits as happned before. What’s the point of temporary ownership of house, which will eventually be taken over by banks? I don’t want to make life easier for anyone else but me, not least for banks. NO THANK YOU!

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  • The other 70% remain un-educated in the “history of house prices in the UK” .

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  • a bit meaningless. First of all the article seems to imply. that all renters are potential first time buyers.

    OK then so of the 1.7million ASTs, 30% intended to buy but are now shelving their plans. Did the other 70% ever intend to buy – do some of them still intend to buy?

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