Fresh research shows that just a quarter of private tenants in the UK are interested in purchasing property in the near future, amid economic and political uncertainty.
Some 75% of the 2,000 private renters across the UK that took part in a survey, as part of new research from buy-to-let focussed marketplace lender, Landbay, said that they are content renting, with a third of those - 33% - happy to rent forever.
Men are more likely to be happy renting forever, with 36% stating that they are content renting indefinitely compared with 31% of women.
The study also looked at age ranges, when it comes to the prospect of purchasing a home. Unsurprisingly, older renters are the least interested, with 64% of over 55s expressing ther content at the thought of remain tenants. Just under a third of 35-54-year olds 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.
John Goodall, CEO, Landbay, said: “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 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.”
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