Demand for rental property is on the increase in the UK as the credit crunch continues to affect the housing market.
There has been a 50 percent increase in the number of people choosing rental property in the UK over the last 12 months, new research has revealed.
A study from letting agents Your Move found that demand for rental property rose steadily throughout the year-long period, with the latest rise of 4.34 percent coming between August and September.
Explaining the trend, the company's managing director David Newnes suggested the credit crunch was the main reason, as banks cut back on the amount of mortgage finance available.
"Potential buyers have to stay in rented homes for longer than they have in the past," he remarked. "The lettings market is thriving across the UK - we are seeing the strongest tenant demand we've ever had, far beyond normal seasonal fluctuations."
The figures follow HM Revenue & Customs statistics from earlier in the week which revealed there had been a 53 percent decline in the number of house sales in September compared to last year.
A study from Hometrack, which was reported by the Guardian, showed that there are 1.6 million people in the 20 to 39-year-old age demographic alone who are currently forced into renting because they cannot afford to buy a house.
