Majority of tenants are content to rent
Some 75 per cent of the 2,000 private renters across the UK that took part in a survey, as part of new research from buy-to-let focused marketplace lender, Landbay, said that they are content renting, with a third of those – 33 per cent - happy to rent forever.
Men are more likely to be happy renting forever, with 36 per cent stating that they are content renting indefinitely compared with 31 per cent of women.
The study also looked at age ranges, when it comes to the prospect of purchasing a home.
Unsurprisingly, older renters are the least interested, with 64 per cent of over-55s expressing their contentment at the thought of remaining tenants.
Just under a third of 35-54 year olds are more likely to want to own a home.
Londoners also hanker more than most to own their own home with just 17 per cent happy to stay renting, compared to 46 per cent of Welsh tenants.
Of those who aim to buy a property, the average length of time tenants are prepared to wait is 4.1 years, with men content to wait 4.6 years and women 3.8 years.
John Goodall, CEO of Landbay, said: “Renting affords significantly greater flexibility than home ownership 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 home ownership 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.”