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