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· Over 1.75 million homeowners would now consider selling their home and renting compared to 12 months ago because of the housing market crash*

· A third (31%) of renters** state that renting gives them more freedom, without the hassle of owning their own home

· 12% of renters state they no longer aspire to the status symbol of owning their own home

UK homeowners are increasingly adopting the habits of Continental Europeans who often rent their homes, as 1.75 million homeowner’s state they would now consider selling their home and renting because of the housing market crash, according to new research from Unbiased.co.uk, the professional advice website.

Of these 1.75 million homeowners, 32% stated they had not considered doing this in the past.  A further 31% said they would consider selling their home and renting but aren’t able to do so at the moment as the price they would get for selling their home is too low.

Almost a third (31%) of those who already rent their home, believe that with the recent volatility in the housing market, renting gives them more freedom without the hassle of owning their own home.  Over one in ten (12%) state they now no longer aspire to the status symbol of owning their own home after the recent property market crash.  6% of renters have been put off buying due to the property market crash and 7% have been financially unable to buy due to the property market crash.

Only just over one on ten renters (13%) state the property market crash has not put them off buying, and they are still hoping to purchase their own house.  Owning their own home appears most important to the younger generations, with 22% of those aged between 18 to 34 still hoping to buy.  The older generations of renters are less interested in buying after the property market crash, with only 6% of those aged between 35 to 54 and 2% of those aged 55 or over stating they are still keen to stop renting and buy their own home. 

Karen Barrett, Chief Executive of Unbiased.co.uk comments, “While there are mixed messages as to whether house prices are now starting to rise again, it is clear that the property market crash has had a profound effect on the way people view their homes.  For many who own their own home, the worry and stress of this through the property market volatility has caused them to re-think about whether long-term renting is a viable option for them.”

“It has also caused renters to think about their long-term options, and while some still want to get on the property ladder despite the recent crash, many have now decided that the British status symbol of owning your own home no longer has the same importance.  For those renters who are still looking to get on the property ladder, especially first time buyers, it is vital that they see a whole of market mortgage adviser to ensure they are getting the best possible advice from the whole of the market.  Consumers can carry out a confidential and free search to find a whole of market mortgage adviser near them by going to Unbiased.co.uk.” 

ENDS

*Grossed up figure calculated by Opinium Research.  There are 25 million households in the UK, and 55% of these own their own home.  (0.55 * 25,000,000)  = 13,750,000. 

13% of 13,750,000   = 1,787,500

** Opinium Research carried out an online poll of 2,026 British adults from Friday 15th to Tuesday 19th May 2009.  Results have been weighted to nationally representative criteria

For further information on Unbiased.co.uk, the professional advice website pleases contact

Sign up to Unbiased.co.uk’s unique Professional Connections service, allowing IFAs, mortgage brokers and solicitors to find and link up with other professional advisers across the UK to expand their current business network.

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Notes to Editors

Unbiased.co.uk, the professional advice website

Unbiased.co.uk is the free and confidential UK-wide search service matching consumers with the most appropriate local professional advisers for their needs.  In 2008, Unbiased.co.uk fulfilled over half a million searches for local, professional advice. 

The portal currently houses three professional advice searches: ‘find an IFA’, ‘find a mortgage adviser’, and ‘find a solicitor’, and is inviting accountants to sign up for its ‘find an accountant’ service.  These searches enable consumers to find relevant professional advisers by postcode, area of specialism and payment method, amongst other options. 

IFA Promotion, the organisation behind Unbiased.co.uk, is now in its 20th year, and was set up to promote the benefits of independent financial advice to the consumer. 

Unbiased.co.uk’s product provider sponsors

Registered Office: Unbiased.co.uk is the consumer brand of IFA Promotion Ltd, 90 St. Vincent Street, Glasgow G2 5UB. Registered in Scotland: No. 114606

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