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Most tenants ‘not interested’ in buying a home

  • 05/10/2017
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Most tenants ‘not interested’ in buying a home
Almost nine out of 10 tenants are not currently looking to buy a home, according to a survey by online letting agent Upad.

It found that 87% were not interested in buying a property at present, with 13% insisting they had no desire to ever own their own home.

Almost a quarter of tenants (24%) told Upad they could not afford a mortgage even if they did want to buy, while 26% said renting suited their work or education situation. A further 13% rented because of personal circumstances such as relationship breakdown, while 11% said they were renting to get to know the area before buying.

The research also highlighted the increasing number of long-term tenants, with 40% of tenants now having rented for over four years. One in five tenants have owned a property previously.

Upad founder and portfolio landlord James Davis said government needed to wake up to the importance of landlords.

“The number of long-term tenants alongside those who have no desire to ever own a home highlights the importance of landlords in the housing sector, and how they will remain so for many years to come,” he said.

“What’s also interesting is we’re now seeing more than 1 in 5 tenants who were previously homeowners deciding that renting is now better for them for a variety of reasons.

“Given the proposed letting agent fees ban has progressed to the debate stage in Westminster it will be intriguing to see if the government ever wakes up to the obvious importance of landlords in the marketplace.”

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