Three-quarters (75%) of UK tenants are happy to rent, according to new research from Landbay, the buy-to-let focussed marketplace lender.
Of this 75%, a third (33%) said that they are happy to rent forever. This study questioned 2,000 private renters in the UK, offering insight to landlords on the wants and needs of their tenants.
The survey looked into men’s and women’s preferences for renting over homeowning and found very little difference between the two genders. 36% of men are to be happy renting forever and 31% of women made the same response.
Looking at the age ranges of those who took part in the survey, nearly two thirds (64%) of those aged 55+ are also happy to remain tenants. In comparison, Landbay highlights that less than a third of 35-54-year-olds chose this response and that they are more likely to want to own a home.
Only 17% of those living in London are happy to stay renting, compared to 46% of Welsh tenants.
Of those who aim to buy a property, the average length of time tenants are prepared to wait is 4.1 years, with men content to wait 4.6 years and women 3.8 years.
The top three reasons for why these tenants remain to rent are:
- I don’t want to/can’t make the financial commitment of buying a home – 46%
- I have fewer responsibilities than an owner (i.e. my landlord is responsible for most issues) – 40%
- I like the flexibility of renting – 33%
John Goodall, CEO of Landbay, comments: “Renting affords significantly greater flexibility than homeownership 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 homeownership 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.”