Discover Why People Are Looking to Rental Properties During the Credit Crunch

The Council of Mortgage Lenders recently released the mortgage lending figures for April – May 2009. Yet again these figures are demonstrating further that it is becoming continually more difficult for potential buyers to make their way onto the property ladder. This, coupled with the predicted rise in repossessions, is resulting in more and more people being left without a home of their own, and instead looking to find a rental property until the economy stabilises.

On the 18th of June 2009 the Council of Mortgage Lenders announced that the gross mortgage lending total for May was £10.3 billion. This figure presents a 2 percent decrease in lending from the £10.5 billion that was allocated during April and a staggering 58 percent decrease over May 2008. This information goes to show that although the decreases are becoming less dramatic, there are still no signs of a remarkable recovery for the economy on the horizon. It has also been stated that over the next two years home repossessions are likely to almost triple with a jump from 40,000 per year to between 100,000 and 120,000. The combination of these two events is resulting in large number of people unable to get onto (or remain on) the property ladder meaning that larger numbers of people are looking towards rental properties to try and survive the current economic crisis.

While renting can definitely be a great option in the current climate, the competition is getting fiercer and fiercer. Looking for a flat is a time consuming task and, with the competition as high as it is, good properties can be snapped up quickly. For this reason it can be very beneficial to look for an agency that will minimise the hassle that can come with searching for a new home.

In conclusion, looking to rental properties can be a great way to avoid the potential problems that the UK economy is facing right now. Due to the rise in the number of people looking to rent demand is a lot higher than usual making it a far more competitive space. Looking to a reputable letting agency can prove one of the best ways to find a property, they will be able to help you find a location that perfectly suits your needs, and save you a lot of the time it takes to trawl through dozens of inappropriate properties.

I was recently looking for flats to rent in Dundee or flats to rent in Edinburgh; with the marketplace as competitive as it currently is I was glad I decided to use an established agency.