Above:20% of people renting in the UK either don’t want to own their property.

Summary:

• 20% of people renting in the UK either don’t want to own their property or prefer the freedom to be able to relocate quickly
• New survey also reveals the many financial constraints renters cite for not being able to enter the owner occupied sector
• With the average first-time buyer age rising, does this raise the importance of providing quality rental property?

A new survey has highlighted Britons’ attitudes towards renting and the owner occupied sector – and it serves to emphasise the need to provide quality rental accommodation for the UK’s expanding private rented sector (PRS).

One fifth of those surveyed stated that the reason they don’t own a home is that they either prefer the freedom to be able move around easily (8%), or they simply don’t want to own their own home (12%).

The findings from the Post Office Money Mortgages survey also revealed the financial constraints that prevent many renters from being able to get onto the property ladder. 45% believe they won’t be able to purchase their first home in the near future, with 28% stating that they cannot afford to save for a deposit, and 17% raised concerns about being able to meet mortgage repayments.

There are currently around 20 million renting in the UK’s PRS. This year the average first-time buyer age increased from 35 in 2014 to 36, and forecasts from July suggest that there will be more people renting by 2025 in Britain than in the owner occupied sector.

Across the UK there is sustained demand for rental property, and these findings underline the need for quality rental stock.

Source: Select Property