Millions Resign Themselves to Long Term Renting

03 March 2012 Categories: News

Millions Resign Themselves to Long Term Renting

According to a new FindaProperty survey, people around the UK are starting to wake up to the fact that they may never own a property. Figures from the survey show that millions of households have, in essence, resigned themselves to the fact that they will be renting for the long term, which is great news for the private rental sector.

Other figures from the FindaProperty survey include the following:

 

  • 38% of respondents believe that owning a property is no longer an essential part of life,
  • 26% are entirely happy with the prospect of renting long term,
  • 11% choose to rent because of the flexibility the option affords them,
  • 61% rent because they can’t afford to buy a property that suits their needs,
  • Over 50% don’t expect to be able to buy until well into their 40s.

When asked about the results of the survey Samantha Baden, property analyst for FindaProperty, commented “A rented home doesn’t carry the same stigma as it used to. For many people, the decision to rent is based on the flexibility and convenience renting offers, and not necessarily because they can’t afford to buy”.

Although bad news for wannabe home owners this news has positive connotations for landlords within the private rental sector.