Are we moving towards a majority rental market?
“A EUROPEAN-style rental market could soon emerge in Wales as first-time buyers struggle to get on the property ladder, it has been predicted.”
Estate agents are reporting that their lettings businesses are much busier than their sales businesses, with demand from tenants outpacing available properties.
Currently, in Wales around 12% of the housing stock is privately rented, whereas in France it is 21% and in the German property market, 48%.
Cardiff-based estate agent Thomas George said that while some potential first-time buyers may be holding off buying because they cannot get a mortgage or because they think prices may fall further, many had simply decided to rent instead.
What a ridiculous false association, renting and embarrassment do not, and have never gone together. The fact that at present mortgages require a larger deposit means more people are needing to rent than to buy. That's a natural part of the property and economic cycle. More people are likely to rent in times of recession than to buy because of uncertainty. That's just normal. To say that we may be moving to a European style of rent rather than own is ridiculous.
Once we are through this downturn people will go back to buying just as normal…
Or maybe they are a bit different in Wales.
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