Vast majority of UK tenants have no plans to buy
Research shows that attitudes towards renting and homeownership across the UK is quickly evolving, with the majority of Britons choosing the freedom and flexibility that renting provides, as opposed to saving up and investing in one specific property.
These changing generational attitudes mean that as many as 12 million people are renting their homes in the UK with no intention of buying a property in the future. The most popular reasons for people choosing this route include preferring the fact there is less financial commitment while renting, having the ability to travel or move around freely, and not wanting to deal with maintenance issues that typically come hand-in-hand with owning a property.
UK property outlook appears similar to “German-style housing model”
This outlook is similar to the “German-style housing model”, whereby the majority of future generations are forecast to most likely live in rented properties.
A study by Direct Line for Business has discovered that 70% of the 17 million people currently renting in the UK have no plans to purchase a home in the future. That’s a grand total of approximately 12 million people.
Increasing property prices for first-time buyers mean that it’s a tough time to get your foot on the ladder, with the average price in the UK now 50% higher than it was just 5 years ago. Because of this, affordability is a natural worry for the millions of people renting. Of those people not intending to buy, 22% say it’s because they have no desire to be burdened with the financial commitment and responsibilities that come with being a homeowner.
In today’s world, flexibility is an important factor for many tenants, and choosing to rent provides them with a greater sense of freedom and ability to move about as they please. The study revealed that 9% of renters want to be free to travel, while 8% don’t want to be tied down to a particular area without being able to easily and freely move out.
Furthermore, 22% added that the cost of maintaining a home would prove too expensive, and instead prefer calling on a landlord or property management company to resolve any issues.
Changes in attitude mean many prefer to rent
According to Christina Dimitrov, Business Manager at Direct Line for Business, the housing market in the UK is changing and a major attitudinal shift is being experienced when it comes to renting. She says that most people who choose to rent are increasingly comfortable with the flexibility afforded by renting, rather than jumping into homeownership.
With the demand for rental accommodation rising throughout the country, an increased pressure on the rental market is expected, especially in key towns and cities where residential housing delivery is estimated to meet just 25% of annual demand by 2022.
If you’re looking for the perfect rental property in Cardiff, then get in touch with our expert team today. You’re welcome to pop into one of our three branches located in Roath, Cathays and Cardiff Bay, call us on 02920 668585, or send over an email to enquiries@cpshomes.co.uk.
