It may not be the picture the government have in mind, but recent research has revealed that a whopping 70% of tenants have no plans to buy a property.
With building works springing up all over the country with a view to providing affordable housing to allow people to take the first step on the property ladder, this may not be welcome news for many developers, however, the research is positive for landlords (which makes a welcome change)!
The study, carried out by Direct Line, shows that our attitudes towards renting in the UK are changing, and coming more in line with our European cousins, many of whom actively choose a letting lifestyle over and above owning a home.
The research revealed that 70% of tenants have no plans to buy a property, preferring instead the freedom and flexibility that renting allows. And affordability isn’t the only factor – 22% maintained that they didn’t want to be burdened with the financial commitments that come with owning a home, and a further 22% didn’t want to have to manage the maintenance or repairs that being a homeowner brings, preferring instead to have a landlord or management team overseeing any issues.
For others, lifestyle choices where the more important factors. These included wanting to have the freedom to travel (9%) and the potential to move simply from the area they live in (8%).
It is believed that 12 million people in the UK who are currently renting their property have no plans to seek to buy in the future, so a long-term future as a landlord looks like it certainly has longevity for a while.
The UK housing market continues to change and we are seeing a major attitudinal shift when it comes to renting. While price is a factor, many people are increasingly comfortable with the flexibility afforded by renting a property, rather than jumping into homeownership.
Christina Dimitrov, Business Manager at Direct Line for Business
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