Tenants are Making Sacrifices to Get Onto the Property Ladder

Tenants in the UK are more prepared than ever to make sacrifices in order to get onto the property ladder, according to a new study.

The poll of 921 private tenants found that those saving for a deposit for their first home are willing to make sacrifices in terms of where they live so that they can purchase a property.

More than half of renters would leave the town or city that they currently live in and move to a more affordable area if it means that they can buy their own home.

Just over a quarter of tenants (27%) would relocate in order to buy a home, while a further three in ten (29%) would consider doing so. However, 44% of tenants said they would not move to another town or city, even if it means that they could afford their own home.

Tenants are Making Sacrifices to Get Onto the Property Ladder

Tenants are Making Sacrifices to Get Onto the Property Ladder

Tenants in London, which is by far the most expensive place to live in the UK, were the most willing to relocate, with 87% saying they would move to a new location in order to buy a home.

However, those living in the East Midlands are less eager to move, with just 14% saying they are willing to relocate.

The study also found that almost half of respondents (47%) cannot afford a deposit for a new home, with a fifth (22%) unable to access finance to buy.

The findings arrive as the latest English Housing Survey shows that more private rental sector properties now meet the decent homes standard than ever, with fewer overcrowded properties and a larger proportion of energy efficient homes.

The CEO of the National Landlords Association (NLA), Richard Lambert, comments on the study: “Homeownership is out of reach for so many people, so the idea of upping sticks and moving to a new town or city in order to buy their own home is becoming more and more appealing.

“I think people are looking at the costs of buying, especially in high demand areas like London and the South East, and realising what they could get for their money elsewhere.

“Relocating is never an easy decision to make, as it will often involve leaving behind friends and family. Then there are all the other considerations, not least whether you’ll be able to find the employment to make a move possible.”

He adds: “In the meantime, the private rented sector remains a key part of the UK’s housing mix, and it’s essential that tenants can rely on it. The latest findings from the Government are encouraging, but more must be done to improve conditions for the minority of tenants who have a bad experience of renting privately.”

With many tenants facing difficult times ahead in terms of their finances, it is more important than ever for landlords to protect their rental income.

If you don’t currently have Rent Guarantee Insurance in place, ask yourself whether you could afford to miss out on rental income if your tenants fell into arrears? Our cover will ensure that you still get paid if your tenant defaults on the rent. In addition, the Just Landlords policy also covers your legal expenses if you are forced to evict your tenants through the courts.

Make sure that your finances aren’t hit, even if your tenants struggle to pay the rent!

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