Contrary to the impressions given in some quarters, no fewer than 75 per cent of tenants are happy to rent, and a third of those are happy to rent forever.
The figures come from specialist lender Landbay which has questioned 2,000 private tenants.
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, while 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 hanker more than most to own their own home with just 17 per cent happy to stay renting: 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 are firstly “I don’t want to/can’t make the financial commitment of buying a home” followed by “I have fewer responsibilities than an owner” with third spot going to “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.”
