Almost nine out of ten tenants aren’t currently looking to buy their own homes, according to a survey conducted by online letting agent Upad.
87% of respondents told Upad that they were not interested in buying a home at present, with 13% insisting that they have no desire to ever own their own homes.
Upad’s study also highlighted the increasing number of long-term renters, with 40% of tenants now having rented for over four years, while it was also found that more than one in five tenants have previously owned a property.
Looking at the reasons why people rent, Upad found that 24% of tenants couldn’t afford a mortgage even if they wanted to buy a home, while renting fits the work or education situation of 26% of tenants.
Another 13% of tenants rent due to personal circumstances, such as a relationship breakdown, while 11% of tenants are renting to get to know the area before potentially buying their own homes.
Commenting on the findings, the Founder of Upad, James Davis, who is also a portfolio landlord, says: “The number of long-term tenants, alongside those who have no desire to ever own a home, further highlights the importance of landlords in the housing sector, and how they will remain so for many years to come.
“What’s also interesting is we’re now seeing over one in five tenants who were previously homeowners deciding that renting is now better for them for a variety of reasons.”
He adds: “Given the proposed letting fees ban has progressed to the debate stage in Westminster, it will be intriguing to see if the Government ever wakes up to the obvious importance of landlords in the marketplace.”
At a time when so many tenants are renting for the long-term, we remind all landlords of the importance of sticking to the law and providing the safe, secure homes that the country needs.
We also encourage all landlords to protect their investments by securing their rental income with Rent Guarantee Insurance – a peace of mind cover that ensures you still get paid if your tenants can’t. Get a quick quote and cover online: https://www.justlandlords.co.uk/rentguaranteeinsurance