Some people are simply not interested in owning their own home, as reflected by new research revealing that 16% of private tenants choose to rent despite many being in a position to buy property.
The study carried out for landlord insurance specialist Cover4LetProperty by Usurv asked tenants in the private rental sector their reasons for living in a rented property, and while 84% said that they cannot afford to buy their own home, 16% said they choose to rent.
Freedom that renting offers, both financially and physically, was identified as the main reason for renting property.
The fact that renting allows people to live somewhere without the worry and costs of having to maintain the property is another reason why some people opt against buying property, according the research, while others said that they simply do not want to be tied down with a mortgage.
The survey also found that almost a quarter - 24% - of those aged 45-54 choose to rent versus just 3% of respondents in the 25-34 age bracket, with both age groups citing “financial freedom” as the main reason for renting.
Some 12% in the 55-64 age bracket said they did not want “to be tied down with a mortgage”, 11% of renters in the £10,000-£20,000 income bracket cited the lack of maintenance costs as their reason for renting, while of the renters who said they cannot afford to buy their own home, 88% earn £40,000 or more.