While many wail that private tenants can’t afford to buy a home, new research finds that the majority of them don’t want to buy – only 42% of them are interested in getting on the ladder anytime soon, according to new research from Landbay.
The study of 2,000 private tenants found that older renters are the least interested in buying – just 13% of over 55s are interested in buying a home in the near future. Less than half (46%) of those aged 35-44 are interested, whilst millennials (aged 25-34) lead the charge for home ownership, with 64% keen to buy in the near future.
There is also a gender discrepancy. 47% of women are keen on buying a home compared to 34% of men.
The number planning to buy is highest in London, at 48%, and Northern Ireland at 47%. Those in the South West and Wales are least likely, at 37% – especially surprising given the relatively low house prices in these areas.
John Goodall, CEO of Landbay says: “This research suggests the UK’s enthusiasm for home ownership may be waning. Conversations around the private rental sector often assume the bulk of renters are simply biding their time until they can buy a house. However, the changing face of employment and a thirst for flexible living mean renting is more attractive than ever, and landlords should reflect this in their interactions with tenants.
“It’s crucial that investment in the private rental sector becomes a priority. What use is Labour’s ‘right to buy’ policy if renters have no interest in doing so? Instead the government must focus on encouraging purpose-built rental properties and cease its penalisation of landlords.”