Is renting the new buying when it comes to property?
Following on from our recent blogs on social and affordable housing, today we’ve been looking at why many of those who rent say they’re happier than ever, with some people stating that they never plan to buy a home.
Naturally, when you specialise in supplying structural warranties, you tend to spend more time that most thinking about housing, and perhaps a little more time than most hearing well-worn phrases like: “An Englishman’s home is his castle.” Until relatively recently, the conventional wisdom was that, as a nation, we were united in our desire to ultimately own, rather than rent, the home of our dreams.
However, we’re sure that you don’t need the Advantage Structural Defects Warranty team to tell you that a lot has changed in the world of property over the past decade, and one of the more noticeable changes has been in our attitude to renting.
Buy Association recently reported that: It is widely known that people are renting later in life before buying a property, while growing numbers are dismissing the property ladder altogether, and the number of people renting is expected to surpass the amount of homeowners by 2039.
However, rather than being forced into the position because of rising house prices, a new study by Landbay has revealed that three quarters of respondents who rent are happy to do so – and a third of those renters have said that they would happily choose to rent for the rest of their lives.
Even those renters who do intend to become homeowners are apparently in no rush to do so. According to the survey, the average person will wait just over four years to buy their first home.
Age also plays a part, with 64% of over-55s who rent saying they wanted to continue to do so for the rest of their lives, while a third of 35-54-year-olds said the same.
While the cost of renting can be high, rent in the UK is generally considered “affordable”, with an average 28% of peoples’ wages being spent on rent, according to research from Imovirtual. To be deemed unaffordable, the level would need to be 30% of wages spent on rent.
The build-to-rent sector is currently booming, which has further improved the situation for many renters. These properties tend to be slightly more expensive than a standard buy-to-let, but come with a host of amenities aimed at long-term renters such as concierge services, shared facilities such as gyms and workspaces, and communal indoor and outdoor areas. All of these factors create a sense of community which in the past might have been lacking in a rental lifestyle, making it a more appealing choice for many.
Related read: Shortages of homes to let lead to rising rental prices.
Today we’ve been looking at why many of those who rent say they’re happier than ever, with some people stating that they never plan to buy a home.
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