One in three tenants happy to rent for life
A third of UK renters have no plans to ever buy property, preparing instead for life as a long-term tenant, according to new research by Hillarys.
More than 2,000 tenants, paying an average of £650 per calendar month in rent, were questioned, with just over a third – 35% – stating that they would be happy to continue renting for the rest of their lives.
The study from the home interiors specialist found that just over half – 52% – of tenants are happy with renting, although not all wish to be tenants for life.
Flexibility of moving home freely is cited as the main reason why 37% of people are deterred from buying property, while 27% identified affordability as the biggest barrier due to high property prices.
Some 14% of tenants said that they like not having to worry about repairs, 9% said they are not sure they would want to live anywhere permanently, while 6% said buying a property was too stressful.
The research also revealed that 97% of tenants believe that renters’ rights could be improved, while two-thirds of tenants – 63% – believe that they should be offered first right of refusal if landlords decided to sell.
Tara Hall, spokesperson for Hillarys, commented: “We hear so much about how more people have to rent long term because they can’t get on the property ladder. It’s interesting to see how many are actually happy with this.
“Owning a property isn’t for everyone, especially if you like not being tied down or don’t want to spend months and months saving for huge deposits.”