You are here: Home - News -

A large chunk of renters don’t want to own a home – Landbay

by:
  • 23/09/2019
  • 0
A large chunk of renters don’t want to own a home – Landbay
A study of 2,000 private renters by Landbay has discovered that 42 per cent have no plans to buy their own home, with the proportion growing bigger the older renters become.

 

While 64 per cent of renters age 25 to 34 wanted to buy, this dropped to 46 per cent for 35 to 44s and to 13 per cent among renters aged 55 or more.

The desire to own a home was highest among renters in London, where 48 per cent were hoping to purchase, followed by Northern Ireland at 47 per cent. The top locations for those least inclined to buy were the South West and Wales, where 37 per cent aspired to purchase in both regions.

Among those renters with no desire to purchase a home, 25 per cent were tempted by the flexibility of renting, six per cent planned to move to another country and five per cent expected to move city or to a new job.

The research also uncovered differences in attitude to home ownership between men and women. Nearly half – 47 per cent – of women want to own a home compared to 34 per cent of men. 

Among those who want to buy, 48 per cent of women would prefer to invest their money rather than pay rent, against 39 per cent of men. Men are more likely to want a connection to the local area, at eight per cent, compared to women, at four per cent.

Buy-to-let lender Landbay concluded that the results “suggested the UK’s enthusiasm for home ownership may be waning”.

John Goodall, chief executive at Landbay (pictured), said: “Conversation about the private rental sector often assumes that the bulk of renters are biding their time until they can buy a house.

“However, employment is changing and there is a thirst for flexible living. Investment in the private rental sector is a priority. The government must encourage purpose-built rental properties and stop penalising landlords.” 

There are 0 Comment(s)

You may also be interested in

Read previous post:
Mortgage and rental costs too high for 2.5 million owing to housing shortage

Some 2.5m people in England are unable to afford the rent or mortgage on their homes, new research from the...

Close