People 'renting until more choices available'

Many people are choosing to rent properties rather than trying to buy a home while the market is not in their favour, an expert has claimed.

Yolanda Barnes, director of research at Savills, has explained that the rental market is offering good short-term opportunities for people used to owning homes, as well as long-term benefits to others.

The property researcher told the Times that she is currently renting a home with her family.

She told the newspaper: "It may prove unwise to buy when competition is so fierce. I have moved my family for lifestyle reasons but, even though I would like to own, I am renting until there are more homes to choose from.

"In the long-term, however, there is no escaping the inelastic nature of UK housing stock, especially of the best homes in the most desirable places."

Ms Barnes has claimed that sellers always believe the market is undervaluing their home by 20 per cent and buyers believe prices are inflated by the same amount.

Get a landlord insurance quote today from Simple Landlords Insurance.