Home Private Rental Sector Most UK tenants are happy to rent, study finds
Most UK private tenants are happy renting with less than half looking to buy property in the near future, a new survey has found. The research, from buy-to-let lender, Landbay surveyed 2,000 private sector tenants about their needs and aspirations.
The survey found that on average tenants are prepared to wait four years to buy a property, but that 33% of tenants would be happy to remain renting permanently.
Looking at the data by age group, older tenants, aged over 55, feel happiest remaining as tenants (64%). Only 13% of this age group expressed a wish to buy a home any time soon.
In the younger age groups, 46% of those aged 35 to 44 and 64% of those aged 25 to 34 are keen to become homeowners. Women renters were also more interested in buying than men (47% compared to 34%).
When asked for their reasons for renting, almost half (46%) said they did not want the financial commitment of buying a home. A third were happy with the flexibility offered by renting and 40% liked having fewer responsibilities than a homeowner. Other reasons included plans to move city or even country in the future.
John Goodall, chief executive of Landbay, said: “This research suggests the UK’s enthusiasm for homeownership may be waning. Conversations around the private rental sector often assume the bulk of renters are simply biding their time until they can buy a house. However, the changing face of employment and a thirst for flexible living mean renting is more attractive than ever, and landlords should reflect this in their interactions with tenants.
“Renting affords significantly greater flexibility than home ownership and, at a time when house price growth is uncertain, remains the best option for a significant number of people. It’s crucial that investment in the private rental sector becomes a priority. The government must focus on encouraging purpose-built rental properties and cease its penalisation of landlords.”
Read more about this story on the Mortgage Introducer and Property Wire websites.
Neil is the Operations Director at Assetgrove Lettings, London's Leading Rent Guarantee Company, providing Landlords with no voids, property maintenance, fee-free property management and stress-free service.
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