Buying a house is considered to be one of life’s big milestones. But according to the findings of new research, turning the key on a home to call your own is increasingly losing its lustre with the new generation of Brits.
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The study from home interiors specialist Hillarys found that just over a third (35 per cent) of Brits would be happy to continue renting for the rest of their lives.
The top five reasons behind the decision to rent
1. I am able to move about freely – 39 per cent
2. Property prices are far too high – 27 per cent
3. I like not having to worry about repairs – 14 per cent
4. I’m not sure I would want to live anywhere permanently – 9 per cent
5. Buying a house is too stressful – 6 per cent
The majority of those in the study, 43 per cent, said they had rented for 6-10 years. Followed by 28 per cent renting for 0-5 years and 15 per cent for 11-15 years. With monthly rents averaging at £650.
When it comes to changes they want to see in the rental market, 97 per cent argued that there was room for improvement. Especially when it comes to renting rights in the UK.
91 per cent of survey participants said that landlords shouldn’t be able to kick tenants out, unless they break the law.
89 per per cent also argued that landlords should be made to give ‘at least 6 months’ notice’ prior to eviction. While 63 per cent called for tenants to be given ‘first right of refusal’ if their landlord decides to put the home they’re in up for sale.
‘We hear so much about how more people have to rent long term because they can’t get on the property ladder, ‘ Tara Hall, spokesperson for Hillarys says of the increasing appeal of life as a long-term tenant. ‘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.’
Would you choose renting over buying?