No Plans to Acquire a Property for Third of Renters

A recent study of 1,000 renters revealed that one in three renters do not have the intention of investing in their own property. 33% are reportedly content with living in the private rental sector and have no intention of acquiring a property in the near future.

Furthermore, the study revealed that 31% of respondents claimed that getting on the property ladder was not paramount. Additionally, just over a quarter of respondents expressed that the responsibility of being a homeowner would be too much and that renting a property provides them with freedom. Lastly, 7% of renters stated that alternative pursuits such as travel and other life experiences are where they would rather invest their money.

The study, undertaken by sofa specialists, Sofology, investigated the happiness levels of renters in the UK in addition to how people create a sense of ‘feeling at home’ in any property.

The results collated, revealed that the majority of renters were pleased with their current living situations, with 83% agreeing that they feel settled where they live at present. There were 61% that agreed they were more than happy to rent.

CMO at Sofology, Andy Leadbetter commented: “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.”
The cities that were revealed to be the happiest with consideration of a range of factors were Chelmsford, Coventry, Cardiff, Manchester, Liverpool, Brighton, Newcastle, Glasgow, Southampton and Leicester.

With so many tenants renting properties, it is important that you get the right insurance, should anything happen. We offer quality Landlord

Insurance, which you can access through our website: https://www.justlandlords.co.uk/landlord-insurance

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