One in three renters in Britain have put their plans to buy a home on hold and remained in rented property instead, according to a new research.
Although some renters shared their frustration with renting and not being able to make the first step onto the property ladder, a significant amount of people are happy to rent for longer.
Whether it’s the good relationship those happy renters are enjoying or simply the flexibility that comes with rented accommodation. One third of these renters I so content to live in a rented property that they don’t plan to buy a home of their own in the next five years.
Approximately 25% of participants are planning to buy a property for themselves sooner rather than later with 9% currently saving to put down a deposit. The same 9% believe they will be able to buy a property within the next 18 months, and the other 16% estimate they will need between two and five years to build up the funds.
Would be first timers who experienced frustration when trying to buy property are more likely to be single parents or couples with children. These tenants either doubt they would get a mortgage, have difficulty securing one or have struggled to get a deposit together to begin with.
Furthermore the research revealed that 74% would like to see rental payments contribute to their credit report. 91% of people wanting to buy in the next five years recognise the importance of a good credit report and 83% would like it if rental payment data were added to it.
The happiest renters tend to live alone or only with other adults and are less like than private tenants to see rent as “dead money”. 26% of satisfied renters disagree when asked whether renting is a waste of money, in comparison to 16% of all private renters.
Source: Property Wire
