Young people taking "more positive" view on renting

Young people are increasingly choosing to rent properties because of the financial downturn, according to an expert.

Jon Brown, partner relationship manager at iammoving.com, an online change of address service, explained that many young adults are finding it difficult to get on the property ladder, with mortgage availability low and fears of redundancies high.

However, this has led to young people "taking a more positive approach towards renting properties", in Mr Brown's opinion.

"With views that rented property is more flexible and affordable, young people are veering towards renting rather than the burden of a long-term commitment to ownership," he added.

Mr Brown's comments were backed up by recent figures from Paragon Mortgages, which suggested that landlords are beginning to see higher rent yields after a long period of stagnation.

The firm reported that the average rental yield reached 6.4 per cent during the second quarter of the year, equating to two quarters of growth.

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