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Why the Germans and French prefer to rent

Englishmen may see themselves as king of their own castles, but the fact that Europe largely did away with its monarchies many years ago does not necessarily explain why those on the Continent are happier to rent, even if the situation is starting to change.

 

Germany has the greatest proportion of home-renters in Europe, and 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. But that pattern is changing. Berlin is experiencing a boom in property buying: hundreds of recently renovated, turn-of-the-last-century apartments are being snapped up by wealthy Germans.

 

But as home ownership gradually increases, renting is still seen as a perfectly acceptable alternative, and is much more part of the fabric of German society. Rents controlled by local government and the reluctance of banks or housing associations to provide would-be home-owners with mortgages are among the main reasons for the Germans' preference for renting.

 

Unlike 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.  

 

Source: The Independent