Insurance News Archive

Hotel stays 'a temporary option' to owning property

People are very wrapped up in buying or renting property when hotel stays could be an option, a financial expert has commented.

The alternative represents "a third arm" due to rentals being more expensive than home ownership in some cases, according to British journalist Lorne Spicer - who has appeared on such BBC TV shows as Cash in the Attic and Car Booty.

Ms Spicer said "there's nothing new" about living in hotels as famous personalities have done it for years and it only represents a temporary option as people will not want to live in a hotel permanently.

"It's not a particularly unusual thing but we are very stuck in our ways in the UK as we just see it as either housing market or rental - end of story. We don't look at alternatives," she argued.

Nationwide recently reported the average price of a house in the UK in August 2008 was £164,654, down from 10.5 per cent the year before.

29 Sep 2008