Most renters prefer flexibility of renting to home ownership
Most renters in the UK don’t want the commitment that comes with home ownership, preferring instead to continue renting as it offers greater flexibility.
According to analysis carried out by Direct Line for Business, some 70% of renters are happy not to purchase a property and remain in the private rented sector.
The results of this study should encourage Islington, Highbury, Stoke Newington and Newington Green landlords to feel optimistic about the future, as it appears tenant demand is set to continue.
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The study also suggests that general attitudes in Britain might be changing, with growing numbers of renters content to rent property for longer.
Business Manager at Direct Line for Business, Christina Dimitrov, said that the findings showed a “major attitudinal shift” had taken place, with more people viewing renting as a long-term reality rather than a short-term one.
Dimitrov continued: “While price is a factor, many people are increasingly comfortable with the flexibility afforded by renting a property rather than jumping into home ownership”.
Though affordability is the reason why most renters don’t want – or cannot afford – to buy, a growing number of renters enjoy the flexibility that comes with renting, and like having the freedom to travel while not being tied to any one place or property.
However, the study also found that Londoners generally spend less time renting before they buy a property. On average, renters in London rent for 12 years prior to purchasing their own home, while renters elsewhere in the UK rent for just over 15 years, on average.
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