A recent study has revealed that more than half of tenants in the UK are happy renting, with 35% stating they have no plans to ever buy a property.
Out of the 2,000 respondents paying on average £650 in rent per calendar month, 43% have been renting for 6 to 10 years and further 15% for 11 to 15 years.
Forever renting
Those opting for renting for life, cited flexibility of moving home freely as the top reason (37%), followed by affordability due to high property prices (27%).
Some 14% of tenants appreciated the fact that they didn’t have to worry about repairs, with further 9% not wanting to commit to living anywhere permanently. For 6% of British tenants, buying a property was simply too stressful.
Tara Hall, spokesperson for Hillarys, home interiors specialist who conducted the study, commented: “We hear so much about how more people have to rent long term because they can’t get on the property ladder. It’s interesting to see how many are actually happy with this.
“Owning a property isn’t for everyone, especially if you like not being tied down or don’t want to spend months and months saving for huge deposits.”
Higher tenant expectations
Tenants willing to rent for life are expecting more rights in return though.
According to the research, 97% of respondents believe that the tenants’ rights could be improved.
Some 91% of renters would like to see changes preventing landlords from evicting tenants unless they break the law and if eviction is unavoidable, 89% believe landlords should be made to give at least 6 month’s prior notice.
Further 63% thought they should be offered first right of refusal if a landlord decided to sell their property.
