New tenancies in the UK have risen by almost 20 per cent in the last three months alone according to recent figures, demonstrating the popularity of renting over buying a property.
The figures, from the Association of Residential Letting Agents (Arla), show the popularity of renting when compared to the volatility of buying
property and that many are selling up not just to downsize but to escape
mortgage repayments altogether.
Commenting on the latest figures, Ian Potter, Arla's head of operations, said: "This steady rise in rental growth that we see yet again, coupled to clear evidence that there is no unusual selling, proves once again that the credit crunch effect on the private rented sector exists only in the imagination.
"This is underlined by the short void periods and length of time that tenants stay in rental properties."
Those choosing to move into rented accommodation may wish to look into safe storage, which can free up valuable space and allow a household to take up a smaller property in order to save monthly outgoings.
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