Half of tenants would consider moving town to purchase

Half of tenants would consider moving town to purchase

15:26 PM, 21st July 2016, About 8 years ago

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More than half of tenants would move or consider moving to a different town or city in order to buy a home, according to a new poll of private renters.

The poll found that 27% would relocate in order to buy a house, and a further 29% would consider doing so. However, 44% of tenants said they would not move to another town or city even if it meant being able to afford to buy their own place.

Tenants in London were the most open to the idea, with 87% saying they would relocate or consider relocating in order to buy a home. However, tenants in the East Midlands were the least receptive to the idea, with just 14% willing to relocate.

The research also shows that almost half of those surveyed 47% said they were unable to afford a deposit for a new home, with 22% unable to access mortgage finance to buy.

The findings come as the latest English Housing Survey shows that more private rented homes now meet the decent homes standard than ever before, with fewer overcrowded properties and a larger proportion of energy efficient properties.

Richard Lambert, CEO of the National Landlords Association (NLA) said:

“Homeownership is out of reach for so many people, so the idea of upping sticks and moving to a new town or city in order to buy their own home is becoming more and more appealing.

“I think people are looking at the costs of buying, especially in high demand areas like London and the South East, and realising what they could get for their money elsewhere.

“Relocating is never an easy decision to make as it will often involve leaving behind friends and family. Then there are all the other considerations, not least whether you’ll be able to find the employment to make a move possible.

“In the meantime, the private rented sector remains a key part of the UK’s housing mix and it’s essential that tenants can rely on it. The latest findings from the government are encouraging but more must be done to improve conditions for the minority of tenants who have a bad experience of renting privately”.

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