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Most renters don’t want to buy

The majority of the UK’s private tenants don’t want to buy a home, according to research by Landbay.

Only 42% of private tenants are interested in getting on the ladder in the near future.

John Goodall (pictured), chief executive at 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.

“It’s crucial that investment in the private rental sector becomes a priority. What use is Labour’s  ‘right to buy’ policy if renters have no interest in doing so?

“Instead the government must focus on encouraging purpose-built rental properties and cease its penalisation of landlords.”

Older renters are the least interested in buying a home with only 13% of over-55s interested in buying a property in the near future.

Less than half (46%) of those aged 35 to 44 are interested in buying whilst almost two thirds (64%) of millennials are keen to buy in the near future.

The number of people planning to buy is highest in London at 48%, and Northern Ireland at 47%.

Those in the South West and Wales are least likely to buy with both regions at 37%.

A quarter (25%) of renters without home ownership aspirations said the flexibility of renting proves too tempting to resist.

Some 6% attribute their plan to move to a new country, whilst 5% plan to move to a new city or a new job.

 

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