The latest research and data from buy to let specialists, Landbay, has revealed that as many as 75% of all UK tenants are happy to rent, and a third of those are happy to rent forever.
According to the study of over 2,000 private renters in the UK, men are more likely to be happy renting forever, (36% vs 31% for women), while for those in the 55+ bracket, nearly two thirds (64%) are also happy to remain tenants, versus less than a third of 35-54-year olds, who are more likely to want to own a home. Londoners also hanker more than most to own their own home with just 17% 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.
Three quarters (75%) of tenants are happy renting, with 12% saying ‘they couldn’t be happier’ and 30% ‘very happy’. Just 15% are not happy, with the remaining 43% ‘reasonably happy’.
As for the motivations behind renting, the top three reasons are:
1. I don’t want to/can’t make the financial commitment of buying a home - 46%
2. I have fewer responsibilities than an owner (i.e. my landlord is responsible for most issues) - 40%
3. I like the flexibility of renting - 33%
John Goodall, CEO, Landbay comments: “Renting affords significantly greater flexibility than home ownership 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 home ownership 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.”