Long term renting a reality for millions of Britons
5 April 2012
According to research from FindaProperty.com, millions of Britons will expect to never own their own home, instead resign themselves to long-term renting.
Despite rental prices reaching an average £890 per month at the end of last year - the highest level ever recorded by FindaProperty.com, one in four (26%) renters say the prospect of renting in the long term isn't a problem for them and 38% don't feel that owning a property in the future is critical. Only half (54%) of those surveyed said that purchasing their own home was 'very important' to them.
For those in London, renting is a costly business as Alex Vinter, Commercial Director at lettings agent Edmund Cude explains: "The Central London rental market is showing no signs of a slowdown unlike the rest of the UK. In fact, from this time last year tenant applicants are up 31% with viewings up 19%. Furthermore, the tenancy renewal rate has also slightly increased from 46 to 51%. This has further restricted supply and pushed up rents, even if increases were more modest."
According to the survey, renting is still a necessity for more than half of all respondents: 61% say they do so because they cannot afford to buy a home at all. But a significant number say they choose to rent for lifestyle reasons.
Samantha Baden, property analyst at FindaProperty.com says:"A rented home doesn't carry the same stigma as it used to. For many people, the decision to rent is based on the flexibility and convenience renting offers, and not necessarily because they can't afford to buy."
For many people the decision to rent is less about finances and more about convenience, with one in 10 (11%) saying they choose to rent because of the flexibility it offers.
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