Number of renters planning to buy unchanged in 24 months
The number of tenants in England’s Private Rented Sector intending to buy their own home hasn’t changed in two years, a new report revealed.
The latest English Housing Survey was published by the Department of Communities and Local Government (DCLG) showed that an unchanged proportion of 59% of private renters are intending to buy.
Looking at the social sector, numbers have increased as from 24% two years ago now 27% are looking to buy their own home.
Private renters are expecting to live in their own home faster than those in the social sector as 25% of renters in the PRS said they were planning to own within the next two years. This number compares to only 18% of social renters.
As the main barrier to owning their own home, most renters have named affordability issues since the report of 2008/2009.
However, a small amount (10%) explained that they were living in rental accommodation because they preferred it that way. They stated the flexibility that comes with it as one of the main factors to choosing renting over owning.
An overwhelming 97% of homeowners plan on staying in their current home for the foreseeable future. Simultaneously 75% of social renters expected to remain in the sector for a long period whilst only 31% of private renters expressed similar plans.
Another research that was put together by Halifax and published earlier this year also revealed that more than 50% of PRS tenants are unable to afford to buy a home.
Whilst those tenants felt like they were priced out of the market and couldn’t afford to put down a deposit for a property, 60% also said they were content with their current living situation.
This shows that, although Britons are still looking to buy in the long-run, the rental sector is becoming a bigger part of life, and the buy-to-let sector along with it.
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