Most renters won’t buy until they’re 50

Most renters won’t buy until they’re 50

It’ll come as no surprise to most renters that a majority don’t see themselves buying a property for some time. This could be for a variety of reasons, such as affordability, childcare, schools, education or income.

That being said, it’s notable just how much renting has been normalised and accepted in recent years as a perfectly viable alternative to owning a property. There are many who now accept that there are real benefits to renting over owning and that the blind pursuit of property ownership isn’t necessarily a good idea just for the sake of itself.

In fact, when many are surveyed, they say they’re more than happy with their situation. A recent survey by the Social Market Foundation (SMF) found that over 80% of tenants are happy renting.

The SMF reported “In an SMF survey of renters, 81% said they are happy with their current property, and 85% said they are satisfied with their landlord.

The greatest source of dissatisfaction among tenants is with “being a renter”, though only a minority of renters (34%) said they are dissatisfied with this status.”

Renters not planning to buy

Recent research from OnePoll has reinforced this change in attitude. As reported by The Independent: “The survey of 2,000 adults who are currently or have previously rented also found 48 per cent of renters cannot currently afford to put down a deposit.

One-third of respondents blamed the rising cost of living as the reason it had become even more difficult to secure their own home.”

This research indicates that, as above, the majority of renters won’t buy a property in the near future and are satisfied with their situation. With the rising cost of living as well as inflation, many feel that their focus is better spent elsewhere other than looking to save for a house.

Broadly speaking, most recognise that not being responsible for maintenance costs, the freedom to move at fairly short notice and lower overall costs are better for them whilst trying to save money in other places.

More specifically, the research suggesting that most renters are satisfied with their landlords indicates a noticeable and marked improvement in standards towards renting and rental properties.

Renting from a trusted source

As standards continue to rise in professionalism from landlords, rental agents are now also subject to higher expectations.

Regulatory bodies and increasing competition mean that agents will only work with reputable and professional landlords with properties in a good state of repair with a good reputation.

If you’re looking to move property, or are looking for advice, then we have years of experience to help you with your questions or queries. Why not get in touch with us today?

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