An Englishman’s home is his castle and the housing market has long reflected people’s desire to own their home. Property prices have come close to becoming a national obsession and it is hard to imagine TV schedules without the plethora of shows about buying, doing up and selling bricks and mortar. But things are beginning to change as a number of powerful factors suggest that Britain is increasingly becoming a nation of renters. Last year saw the lowest number of new houses built in Britain since 1924, and many would-be-buyers are still struggling to get a mortgage. With the dream of home ownership fading – the average age of a first-time buyer is now 37 – more people than ever opt to rent. The market shows the trend. The average monthly cost of renting a home rose in November to a record £692, the tenth month in a row when they have gone up, according to a survey by LSL property index this week. “It is more acceptable to rent now in London and in the big provincial cities,” says Neil Gardiner, residential property manager at Aviva Investors. “We’re drifting towards Europe and other parts of the world where people… Read full this story
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