Sell to rent trend ‘set to last’

Those hoping to sell a house in Scotland may choose to rent a property as opposed to buying a new home, according to one organisation.

Highlighting a recent trend for renting property, Iammoving.com has stated that this may continue for the next 12 months, reflecting anxiety in the housing market, which may affect Scottish property owners.

Simon Preston, chairman of the online change of address service, explained that changing patterns within the property sector will continue until people regain confidence in mortgage rates and house prices.

"It’s not a one or two-month blip but I would expect the market to come back some time over the next 12 months, assuming the nervousness in the financial market settles down," he said.

This may be exacerbated by the tightening up of the mortgage market, which has seen many lenders reduce their home loan products in recent months, Mr Preston added.

Some 18 per cent of people are considering selling their houses in order to move into rented accommodation, according to a recent Iammoving.com survey.