A third of tenants happy to rent forever
Three quarters of UK tenants are happy to rent whilst a third (33%) are happy to rent permanently according to the latest research from Landbay.
The study questioned 2,000 private renters in the UK and found that 64% of those in the over-55 age category are happy to remain tenants compared to less than a third of 35-54 year olds.
Those living in the capital are keener to own their own property, with just 17% reported to be happy renting.
The average length of time tenants are prepared to wait to buy property is 4.1 years.
In regards to the motivations behind renting, almost half claimed it was because they either didn’t want to or couldn’t make the financial commitment of buying a home (46%)
A third liked the flexibility of renting whilst 40% of those surveyed liked the fact that they had fewer responsibilities than the owner.
John Goodall, chief executive of Landbay, said:“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 clear from this data that those who choose to rent are happy doing so, and indeed would like to continue doing so forever.
“The financial hurdle of home ownership is for many too great a stretch and frankly they don’t want to make the commitment.
“The reality is owning a home isn’t the right choice for many, which is why the private rental sector needs to be supported properly if we are to house this growing portion of private sector tenants.”