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More people will rent than buy their home in 15 years as attitudes to letting change, says Grainger, Britain’s biggest private landlord.
Uncertainty over mortgages and jobs is steering people towards renting and, by 2026, 54% of Britons will rent, according to a survey by the company.
The findings revealed two-thirds (67%) of people felt the housing market was changing and that long-term private renting is a common choice.
Around half (51%) responded that many people felt too pressured into buying a home, while 40% felt renting was a better choice as the first step on the housing ladder.
“There is a new housing reality dawning on Britain: the financial crisis has tightened mortgage lending; house prices continue to be uncertain; and, frankly there are simply too few homes for the demand,” said Grainger plc’s Executive Property Director Nick Jopling.
“In such an environment, renting is becoming an increasingly popular alternative due to the greater flexibility, added financial stability and quality accommodation on offer. More and more people are renting with many considering renting as an important stepping stone in housing tenure.
“Young people now consider renting as a step towards home ownership and for as much as 92% of young people it is seen as the only way they can move out from their parents’ homes.”
The firm also revealed young adults blame their parent’s generation for the housing crisis.
Four out of 10 young adults felt the older generation was responsible for high housing prices and the shortage of supply by failing to build enough new homes.
Many are depressed about buying a home – 74% want to own a home, but only a third (31%) believe they will be able to save a deposit and raise a mortgage during the next few years.
Renters also want more from landlords – 40% want repairs completed quicker; 35% want a reliable and trustworthy landlord; 34% want an increase in availability of longer tenancy agreements; 32% would like to permission to personalise their rented homes.
“As individuals and families increasingly look to the rental sector to meet their long term housing needs it is imperative that they are able to rent with confidence and know that their landlords will keep their home in good repair and treat them fairly and with respect,” said Jopling.
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