Three-quarters (75%) of UK tenants are happy to rent

According to research carried out by Landbay, the buy-to-let focussed marketplace lender three quarters of UK tenants are happy to be in the rental market, apposed to owning their own property. The study questioned 2,000 private renters in the UK, offering insight to landlords on the wants and needs of their tenants and it drew some interesting conclusions.

• A third (33%) of those asked said that they are happy to rent forever – between the genders 36% of men are to be happy renting forever and 31% of women made the same
• Nearly two thirds (64%) of those aged 55+ are also happy to remain tenants
• The average length of time tenants who wish to buy a property are prepared to wait is 4.1 years, with men content to wait 4.6 years and women 3.8 years
• Only 17% of those living in London are happy to stay renting, compared to 46% of Welsh tenants

The top three reasons for why these tenants remain to rent are:

• I don’t want to/can’t make the financial commitment of buying a home – 46%
• I have fewer responsibilities than an owner (i.e. my landlord is responsible for most issues) – 40%
• I like the flexibility of renting – 33%

John Goodall, CEO of Landbay, comments: “Renting affords significantly greater flexibility than homeownership and, at a time when house price growth is uncertain, remains the best option for a significant number of people. It’s clear from this data that those who choose to rent are happy doing so, and indeed would like to continue doing so forever.”

“The financial hurdle of homeownership is for many too great a stretch and frankly they don’t want to make the commitment. The reality is owning a home isn’t the right choice for many, which is why the private rental sector needs to be supported properly if we are to house this growing portion of private sector tenants.”