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By Bay Estate Agents
Despite some impressions to the contrary in some quarters, no fewer than 75 per cent of tenants are happy to rent. In fact, a third of those are happy to rent indefinitely.
The figures come from specialist lender Landbay which has questioned 2,000 private tenants.
According to those questioned, men are more likely to be happy renting forever - 36 per cent against 31 per cent for women - while for those in the 55-plus age bracket nearly two thirds are also happy to remain tenants.
Fewer than a third of 35 to 54 year olds are content renting - they are instead more likely to want to own a home.
Londoners also yearn to own their own home with just 17 per cent happy to stay renting. While at the other end of the scale, some 46 per cent of Welsh tenants are happy to remain in the rental sector.
As for the motivations behind renting, the top three reasons:
“I don’t want to/can’t make the financial commitment of buying a home”
“I have fewer responsibilities than an owner”
“I like the flexibility of renting.”
Landbay’s chief executive John Goodall says: “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.”
Renting - Positives Vs Negatives:
-It can be easier to move house quickly
-Finding and renting a home is usually quicker than the process of buying
-No risk of losing money if the property's price decreases
-Your landlord has to pay for repairs and renovations
-It is often cheaper and rental payments rarely change, making it easier to budget
-You may be able to rent a bigger home in a nicer area than you could afford to buy
-The drawbacks of renting
-All of your rent payments go to your landlord, not towards owning a home
-If you never buy a house you have to pay rent for your whole life, even after you retire
-If your landlord decides to sell or get new tenants, you have to move out
-Your landlord can set rules and restrict changes you can make to the property
-You have to pay a deposit which could be forfeited
-Your landlord could decide to increase your rent
-Improving the property could increase its price, but this only benefits the landlord
There's a better way to sell or let your home. At Bay, we really know the property market. We're local and we'll gladly share our knowhow and experience with honest advice that will be just right for you. So whether you're buying, selling or letting, get in touch. We're here to help.