Latest Insurance News
2010 'will be year of the buy to let insurance policyholder'
09 Mar 2010
Posted by Jonathan Walker
2010 will be the year of the buy to let insurance policyholder as people continue to prefer to rent, according to an expert.
Jon Brown, partner relationship manager at iammoving.com, said figures from the website show that letting agents using the change-of-tenancy tool, utilitell.com, are currently processing on average 35 per cent more moves than at the same time last year.
"As much as there has been a small recovery in the housing market the majority of the UK public, while perhaps aspiring to buy a house, will still prefer to rent," he commented.
Mr Brown suggested that the UK could get to a stage where it has a residential property model similar to Germany's, with longer term lets being typical.
He said that a change in both financial and philosophical values will lead to a more general approval of the idea that a rented house can be a home.
Recent figures from the Land Registry show that the average property price currently stands at £165,088.
