Buy-to-let boosted by lifestyle changes

The UK's growing buy-to-let market has been fuelled not only by growing house prices and the liberalisation of landlord laws but also by changing sociological trends, new research reveals.

Although the plight of first-time buyers has been well documented in recent months, a survey by mortgage broker Birmingham Midshires suggests that Brits are actively choosing to rent due to the lifestyle it affords.

Almost one in six tenants questioned stated that they never want to own a property while an additional 12 per cent affirmed that the flexibility offered by a life unburdened by heavy mortgages was the dominant factor in their choice to rent.

Commenting on the research, Tim Hague, managing director of mortgages at Birmingham Midshires, said: "The findings reveal an interesting trend; people are actually making a conscious decision to rent rather than buy."

He continued to explain that this is good news for those looking to buy additional properties. "The buy-to-let market has experienced consistent growth over the last ten years, and these findings help to demonstrate why," he said.

"More and more people now see letting property as an achievable investment and an important part of a balanced investment portfolio."

A further factor boosting the demand for rental property is the rapid growth of the 'living loner' phenomenon: by 2026 the number of single person households in the UK will increase by 53 per cent to 9.9 million, according to Alliance and Leicester, meaning that more people will look to rent their accommodation.