Friday 6th October 2017
It is well known that homeownership rates have been falling rapidly, particularly among young people, despite government efforts to reverse the decline.
Official data in the annual English Housing Survey show 62.9% of English households owned their homes in the financial year 2015-16, the lowest figure since 1985.
The decline in ownership comes despite a series of measures initiated by the Conservative government designed to bring more people on to the housing ladder, including the Help to Buy equity loan scheme, aiding the acquisition of new-build homes.
While it is common knowledge that many would-be homebuyers are being priced out of purchasing property, leaving them with little alternative but to rent, others it would appear, simply to do not want the burden of homeownership.
A new tenant survey by Upad has found that while many people do aspire to buy their own home, others are more than happy living in private rented accommodation.
Almost nine out of 10 - 87% - of respondents told the online letting agent that they do not currently aspire to buy their own home, with 13% insisting they have no desire to ever own a property.
The study also highlighted the increasing number of long-term tenants, with 40% of tenants now having rented for more than four years, while it was also found that over one in five tenants have owned a property previously.
Upad also looked to discover the reasons why people rent, learning that almost a quarter - 24% - of tenants could not afford a mortgage, 26% of tenants rent because it fits their work or education situation, 13% of tenants rent due to personal circumstances, while 11% of tenants are renting to get to know the area before potentially buying.
“The number of long-term tenants alongside those who have no desire to ever own a home further highlights the importance of landlords in the housing sector, and how they will remain so for many years to come,” said Upad founder James Davis.
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