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Two fifths of tenants plan to rent long-term

Tuesday 24 January 2017

 

Two in five renters are not looking to buy a property and instead intend to rent long-term, a survey of 1,000 tenants carried out by the Deposit Protection Service (DPS) has found.

Of those who do hope to buy, 62 per cent said they do not expect to own a property within the next year, while a quarter said they hope to purchase a home within six months.

Julian Foster, MD of the DPS, said: “Renting is a vital part of the housing sector, and a significant proportion of the population choose to be tenants as it better suits their life plan or lifestyles.

“However, buying a house is a significant financial undertaking, and renting will often also suit those who are saving for a deposit before accessing a mortgage."

He said the UK ‘needs a flexible residential sector that suits the varied life choices and priorities of our diverse population’, and added that ‘the rental sector plays an important role in providing people with real housing options.’

The DPS is one of three government-approved tenant deposit protection schemes in which landlords - or letting agents - must protect tenants' deposits.

For more about deposit protection schemes visit our guide here.

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