Almost half of tenants expect to still be renting in ten years’ time, a new survey has revealed.
The survey, which focused on 2,000 tenants, shows that 31% of renters in London think they will end up renting a property for the next 5-10 years.
Some 52% of 45-59 year old’s responded by saying they intend to rent in the longer term, while the majority of over 60 year old’s also said they intended to rent for longer.
The findings of this survey highlights the fact that long-term renting is on the rise, which perhaps means that British attitudes to long-term renting are changing.
For some tenants it’s not simply a case of not being able to afford to buy a property. It’s sometimes a case of not wanting to buy a property, instead enjoying the freedom which comes with renting.
However, there are many renters who want to climb onto the property ladder but simply cannot afford to. Renting in London is expensive, which makes saving for a deposit all the more challenging.
For Londoners in particular, a high proportion of monthly income is eaten up by rent. A quarter of those included in the survey say that over 40% of income is poured into paying the rent.
It will be interesting to see whether this trend continues, and whether British attitudes to long-term renting change.
For more on this story, click the below link: