A third of renters have no plans to acquire a property

Added on July 13th, 2018 in Property News

One in three renters never intend to buy their own home, mainly because they are happy living in the private rented sector, according to a new report.

A study of 1,000 renters shows that a third – 33% – are generally content to rent long-term and have no plans to acquire a property.

Almost a third – 31% – of respondents said they do not think getting on the property ladder is important, just over a quarter – 26% – stated that they do not want the responsibility of owning a home and enjoy the freedom of renting, whilst 7% of renters said they prefer to spend their money elsewhere, such as travel and other life experiences.

The study, carried out by sofa specialists, Sofology, explores the happiness levels of UK renters and how people create that sense of ‘feeling at home’ wherever they live.

The majority of renters are happy with their current living arrangements, with 83% citing they feel settled in their current home. Almost two thirds (61%) stated that renting made them happy.

The cities that came out happiest in terms of a range of factors, from long-term rental averages, to happiness renting and importance of getting on the ladder, are as follows:

Chelmsford

Coventry

Cardiff

Manchester

Liverpool

Brighton

Newcastle

Glasgow

Southampton

Leicester

Andy Leadbetter, CMO at Sofology commented on the study: “As renting has become more prevalent in society, we wanted to explore how people are making their rental properties a long-term home.

“We were surprised to find that the majority of renters are happy with their living arrangements and have no plans to buy a property. It shows a clear shift in societal norms.

“You don’t have to own somewhere to make it feel like your home.”

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