A new audience is turning to the property rental sector as an alternative to buying, the National Association of Estate Agents (NAEA) has said.
The rental marketing is performing well in comparison to the sales market with a new audience looking to the sector as an alternative to buying. According to the National Association of Estate Agents (NAEA), potential buyers are now taking more time before purchasing a new property.
Chris Brown, president of the NAEA, explained that professionals who may need to relocate for work are selling houses and, instead of buying in a new area, are renting on short-term contracts.
"People are moving for employment, for instance, if you're moving from Bristol to Derby [and] instead of saying: 'I've got to buy a house because I'm now working there,' people are saying: 'I'll tell you what, we'll sell our own house and we'll go and spend six months in Derby and we'll have a look around and get a feel for the place first, because there's no immediate rush, there's no growth in property prices'," Mr Brown explained.
He added that "people who traditionally would never rent a house" are now looking at the rental market, which is "part and parcel" of the recent success of the rental sector.
Mr Brown was speaking after the NAEA revealed that housing demand has risen over the past two months, although an increase in buyer interest has yet to translate into a rise in transactions. The average estate agent has 242 house hunters on their books in January, up from 200 in December.
