Home ownership no longer the be all and end all

More than one in 10 homeowners would consider selling their home and renting after seeing house prices dive during the past two years, a survey showed.

About 13 per cent of people said the housing market correction had made them reassess home ownership, a third of whom said they had not considered selling up in the past, according to profession advice website Unbiased.co.uk.

But 31 per cent of those who would consider selling their home and moving back into rented accommodation said they could not do so at the moment because the sale price they would get for their property was too low.

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House prices fell by about 20 per cent from their peak in the autumn of 2007 to their low point last year, although a shortage of homes on the market has helped to push up prices in recent months.

Three out of 10 people who currently rent said they thought renting gave them more freedom, particularly given the recent volatility in the housing market.

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