Landbay say 75% of tenants are happyMake Text Bigger
Landbay conducted a study ‘delving into the psyche’ of 2,000 private renters in the UK and as suspected the vast majority (75%) said they were happy.
Landbay went on to report:
“Some of this is a reaction to the financial demands of buying a home, but there’s also a relief in not being responsible when things go wrong. It’s easy to forget the ongoing costs of owning a home; the reality is that maintenance costs rack up. Whether it’s replacing a boiler or fixing a leak, renters are all too happy to pay for the privilege of outsourcing their DIY.
“People also like the flexibility that renting gives them, the ability to move around the country and switch home on demand. The cost of moving is limited to a moving van and a cleaner. Conversely, for owner occupiers, the spiralling costs of stamp duty, solicitor fees, and estate agent fees are daunting; Lloyds Bank place the average cost of moving house at more than £12k.”
Landbay also uncovers that a third of tenants would be happy to rent for life and have no aspiration of purchasing a home of their own.
- 64% of those aged 55 and over want to keep renting for the rest of their lives.
- A third of 35-54 year olds are happy to rent forever with men more likely to be happy renting forever than women (36% vs 31%).
- 46% of Welsh tenants are the happy to rent for life as the biggest percentage in the country with only 17% of Londoners wanting to do the same.
Landbay CEO, John Goodall, said: “Renting affords significantly greater flexibility than home ownership and, at a time when house price growth is uncertain, remains the best option for a significant number of people. It’s clear from this data that those who choose to rent are happy doing so, and indeed would like to continue doing so forever.”
“The financial hurdle of home ownership is for many too great a stretch and frankly they don’t want to make the commitment. The reality is owning a home isn’t the right choice for many, which is why the private rental sector needs to be supported properly if we are to house this growing portion of private sector tenants.”
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