Wednesday, August 3, 2011

Why Germans and French prefer to rent

Some interesting fact:

Germans still prefer to rent accommodation rather than own it. Only 39 per cent of the population own the homes that they live in compared with about 60 per cent in Britain.

Germany's more cautious banking system requires would-be home-owners to provide substantial guarantees of their ability to finance a loan before granting a mortgage. For many on low incomes or with little capital, owning a home has simply never been an option.

And even when the Germans buy, they often buy a plot of land and have a new home built from scratch rather than buying an old house. This is in part owing to lack of housing stock. Even in Britain, attitudes are changing, with more people buying up older housing and renovating it.

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