In light of a brand new report launched by Experian which found that the housing markets in the south-west and Midlands are set to see the steepest price corrections and with repossessions expected to soar to a 15-year high in the coming months, renting is a much better option.

Carl Mimmack, managing director of Accord, which works with many Buy to Let landlords in Leamington, Birmingham and Warwick said: “Here in Birmingham affordability seems to be a key issue with those looking to get on the property ladder. At Accord, we are finding that many young professionals are being forced to stay in rental properties for longer.

“We are also finding that Economic and social factors are a major contributing factor to people looking for property to rent in Birmingham, Leamington Spa and Warwick. Interest rates have now reduced but rental returns for landlords are still not covering costs as we would like.”

Professional people in particular are being affected by the economic downturn in jobs and are staying longer in existing properties due to job uncertainty.

With the instability of the property market comes a huge increase in potential buyers hedging their bets and waiting for the market to hit rock bottom before buying that dream home.

Mimmack continued: “Technically, people who choose to let at this crucial time are getting more for their money than if they paid a mortgage on the same property. This means that property to rent in Birmingham, Warwick and Leamington is a very attractive proposition.”

Rob Deans, a sales executive from Nottingham said, “With the economy the way it is at the moment nobody knows what is happening and what’s around the corner. The housing market has recently peaked and people would be crazy to buy within the next six months. I have seen my property lose about 17 per-cent of its market value in the last six months.

“In recent years the market has been saturated with good quality apartments which investors have snapped up, this therefore means that there are loads of great deals for couples looking to rent until the market stabilizes.”