More UK homeowners consider move to rental sector.
A recent report by Unbiased.co.uk found that an increasing number of UK homeowners are considering selling their residential home and moving into a rented property.
According to the research nearly 1.75 million homeowners in the UK would consider selling their house and renting especially after the recent crash in the property market and the recession. However many are unable to do this as the price they would get for their property would be too low. Furthermore, of those who indicated renting an option in the near future; one third of them indicated that this option would have been unthinkable a couple of years ago.
The main reason motivating homeowners to consider renting is the fact that they don’t have to worry about falls in property values and have more mobility to move to areas with more job opportunities. As unemployment figures are expected to remain high this trend may become increasingly stronger.
Over 12% of people who already rent their home no longer aspire to own their own property after the recent crash in the property market. Older generations are becoming less interested in buying a property with only 6% of 35 to 54 year olds and 2% of 55 and over’s stating they want to purchase a house. This compares to 22% of 18 to 34 year olds who are still hoping to buy.
This change of attitude, mirroring the habits of continental Europeans, is good news for landlords who could see an increase in the number of tenants wanting to rent. A survey of buy-to-let landlords also revealed that confidence is growing about the state of the private rented sector.
When renting out a property landlords are urged to take out a landlords insurance policy to protect themselves and their property. For more information on various cheap landlord insurance, including contents insurance and legal protection and rent guarantee insurance.