In the UK long term property renting has become more of a necessity for those who cannot afford to buy a home of their own.
Millions of Britons have already resigned themselves to never owning their own home as they become more comfortable with the prospect of long term renting.
At the end of last year UK residential property rental prices reached the highest level ever recorded at an average £890 per month
This is good news for Private Rented Sector (PRS), landlords, as research from property portal FindaProperty found that
• 54% said that purchasing their own home was very important to them
• 38% said that owning a property is not critical
• 61% said they rent because they cannot afford to buy a home at all.
• 26% said they have no issue with the prospect of long term renting.
• 19%, of renters said they decided against buying a home because they could not afford to live in their desired area
• 11%, saying they choose to rent because of the flexibility it offers.
• 11% said they are waiting for the property market to stabilise before they consider buying.
• 6% have been put off buying because the type of house they could afford would be too small for their needs
For many people the decision to rent is less about finances and more about convenience.
It also found that more than half of the respondents currently renting don’t expect to buy a home until they are aged 40 or over.
Samantha Baden, property analyst at FindaProperty said: “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. There’s no denying that home ownership is still a top priority for many people and for those looking to buy now could be a good time as mortgage rates and asking prices have both come down in recent years. However, there are still millions of people who don’t consider getting a foot on the property ladder as their ultimate aim. In these cases, renting a home can be the best choice for some people and allow them to live the lifestyle they want at a particular time of their lives.”
Landlords and letting agents can reap the benefits of the renting consumer trend by utilising the wide range of services offered to landlords and letting agents by Legal 4 Landlords including, insurance products specifically for landlords, Tenant Contents Insurance, and Rent Guarantee Insurance.