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People renting despite abundance of cheap mortgages
Date: Wed, 29 Jun 2005
Many people are choosing to rent despite the number of cheap mortgages on the market.
A study by mortgage lender GMAC-RFC discovered that many people are living in rented accommodation because they fear "settling down".
A total of 71 per cent of those involved in the research believed that having a house and a mortgage was not something they were ready to commit to.
Eight in ten tenants preferred renting as it meant they were not tied to a particular area and would enable them to relocate more easily in the future.
"It is important to understand that there are other important influences affecting first-time buyers other than the straight affordability issue," said Stephen Knight, executive chairman of GMAC-RFC.
However, many tenants do regard property ownership as a good investment and something they would consider in the long-term.
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