16:27 PM, 31st August 2011, About 11 years ago
Renters are outnumbering home buyers by two to one as buy to let relentlessly moves in to gear as the household of choice, according to a new study.
Nine of the top 10 areas for renting are in the south, with Gwent, South Wales, creeping in to the places at eighth position.
The most popular place for renting is Middlesex, with three times more new tenants than home buyers.
Most renters are aged between 16 and 50 years old (92 per cent) and cite one common reason for renting – they like the freedom to move where they like and when they want, says the survey by Endsleigh, a specialist landlord insurer and tenant referencing firm.
The findings also revealed almost two-thirds (62 per cent) of tenants like to move to neighbourhoods away from their previous homes.
Many tenants also believe renting offers better value for money than buying, even though recent research from The Halifax revealed most first time buyers could save £100 a month by purchasing a home rather than renting.
Another insight from the Endsleigh study includes tenants stating a preference for unfurnished homes.
Endsleigh’s Carlos Thompson said: “The impact of the recession on the value of properties has meant that some home owners have opted to rent rather than sell, subsequently increasing the amount of supply in the lettings market. More choice and flexibility on the area and type of accommodation available is good news for some tenants.
“However, whilst more properties means more choice, the surge in renting means there can be fierce competition in applying for a property, and there is a real risk that tenants will stretch beyond their means and choose somewhere that they wouldn’t normally, just to secure a property.”
|Region||Tenant||Own Home||Living With Parents||Other|