One in three renters refuse to buy a home

renters_refuse_to_rent

A new research carried out by the furniture company Sofology, reveals that a third of private renters have no plans of owning a property in the future. A survey of 1,000 tenants shows that a substantial 33% is happy to rent long term, and the acquisition of a property is not in their future plans.

 

Furthermore, almost a third, 31%, of those questioned do not believe that buying a property is important, a 26% find the responsibility of owing unbearable, whilst 7% of renters prefer spending their money on their lifestyle and life experiences such as traveling.

 

Read more: UK property market value falls £27bn as Brexit hits consumer confidence

 

The study’s goals were to explore whether renters feel comfortable in their homes or with a constant fear of moving. The majority, 83%, seem settled in their current situation and living arrangements while 61% stated that renting makes them happy. Moreover, a 5% of the respondents stated that they have spent over £3,000 in the last year to furniture or decorations to give a personal note to their rented property.

 

Andy Leadbetter, CMO at Sofology commented on the study: “As renting has become more prevalent in society, we wanted to explore how people are making their rental properties a long-term home. We were surprised to find that the majority of renters are happy with their living arrangements and have no plans to buy a property. It shows a clear shift in societal norms. You don’t have to own somewhere to make it feel like your home.”

 

Read more: Government’s three-year tenancy plans mount pressure on landlords

 

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19th July 2018