Gumtree rental report…
Everyone I know is a fan of Gumtree for some reason or another, whether it’s to look at jobs, second hand motors or just the increasingly bizarre personal ads. A big part of Gumtree’s success also comes from its thriving property section and Gumtree have recently published a report examining today’s rental market. The findings were very interesting.
According to the study, half of us (51%) believe the national obsession with getting on the property ladder is old fashioned and needs to change. Over two thirds of 25-44 year-old renters (71%) are not planning to take a mortgage at all and will invest their money in other ways, and three-quarters of Brits (76%) wouldn’t buy property now even if they had the cash burning a hole in their pocket. Four in five renters (81%) can’t currently afford to buy, but they are content and want to continue renting for the foreseeable future.
The study also examined a year’s worth of historical data for London and five other large UK cities and found a shift towards a more ‘European attitude’ to renting, which is good news for landlords. In cities such as London, Edinburgh and Bristol the study found rental revenue increase by up to 7.8%. These findings reflect the opinion of over a third (35%) of landlords questioned who are optimistic about the rental market and believe their property will make them more money before the end of the year.
Renters looking for affordable properties should head to Manchester and Birmingham where urban development has contributed to a drop of up to 3.5%, as supply of outstrips demand. Gumtree’s Rental Index further reveals letting markets in Leeds, Bristol and Edinburgh to be slightly more neutral, with rents rising modestly or remaining static, yet to feel significant effects from the current property fall-out.
Property expert Michael Holmes had this to say…
“Until now renting has always been a bit of a dirty word in the UK. The importance of owning a house is deeply engrained in the British psyche and it’s our equivalent of the American dream. But in the new economic climate we’re seeing a real shift in attitudes towards a more continental approach to property, with renting becoming increasingly popular.”
Is it time to get rid of the stigma of being a renter?
Filed under: Property News
Great post. I just want to know more about this “European attitude” to rent instead of buying and owning a property. I’m renting too and I guess this time renting is still the best way for me.
I rent from the Worse LANLORDS in London, GRAINGER PLC. They are a PLC, who got greedy and bought lots of property, Now with the economy, they are loosing money, around 7M in the last year, so what they do, they give everyone who rents their property 15% increase in rent. and if they don’t agree, They are giving them 2 months notice. The Building Springfield House Has been subject to no repairs, and even Murder in our car park, It’s in Dalston for god sake!!!!! If you are thinking of renting a Grainger PLC owned Property, my advice is DONT. It will happen to you too. No repairs, no promises met, and when they move people out every 6 months and increase rent. DON’T MOVE HERE! 1000 increase in rent every year, Only after you have truely settled in.