Half Of UK Renters Know It’s For Life
Recent research claims that virtually half of UK tenants have no expectations of ever owning a home and will rent for life.
An investment management services company carried out a survey with 2,016 people and 45% of people who are not homeowners, do not expect to in the future with the ever rising property prices.
The private rental sector can only remain strong because of the acceptance of long term rental and/or for life.
However 65% of under 34s are relatively positive about being able to buy their own home, however this is in marked contrast with 35 to 54 year olds as only 23% of people are optimistic about owning their own home.
The obvious reason for those feeling of being unable to buy their own home is the financial commitment, as 40% are not confident of being able to do so and will consequently rent for life.
With the ever increasing number of ‘Artful Lodgers’ – 34% of 18-34 year olds living with parents is mainly because of rising house prices; the same reason for 41% of 34 to 54 year olds and 24% of over 55s.
Tom Stevenson, Investment Director for the company, said: “Despite the challenge that house price rises present, home ownership remains an aspiration for 14 per cent of 34-54-year olds. Interestingly, a tenth (10 per cent) of over 55s share this goal, but 81 per cent of that age group who don’t own a home think it is unlikely they ever will.”