A survey done by Landdbay on a controlled group of 2,000 private renters across the country shows that only a quarter of the lot are interested in buying their own homes in the immediate future despite uncertainties in the economic and political situation.
75% of the said respondents are content in renting and more than a third belonging to this group are happy to stay in the same circumstances permanently. Citing reasons like refusing to undertake the financial commitment of owning a home or they simply couldn’t afford to commit themselves financially. And the rest, preferring lesser responsibilities of owning a property and would rather enjoy the flexibility of renting.
As John Goodal, CEO of Landbay points out, “Renting affords significantly greater flexibility than homeownership and, at a time when house price growth is uncertain, remains the best option for a significant number of people. It’s clear from this data that those who choose to rent are happy doing so, and indeed would like to continue doing so forever.”
He further states that, “The financial hurdle of home ownership is for many too great a stretch and frankly they don’t want to make the commitment. The reality is owning a home isn’t the right choice for many, which is why the private rental sector needs to be supported properly if we are to house this growing portion of private sector tenants.”
Also, results from the survey reveal that a higher percentage of the male respondents, about 36%, see no problems renting indefinitely, the women were at only 31%.
The research also included looking at how age would influence the property prospector’s decision to buy a house and it came as no surprise that 64% of the respondents belonging to the 55 and over age bracket are disinterested in purchasing a house and are quite content in
In their status as tenants. A little less of a third of those belonging to the 35 to 54-year old age bracket were more likely to buy a home.
A complete contrast to central city dwellers though who would rather own their homes with only 17% giving preference to remaining as tenants.
For tenants who have intentions of buying their own homes, the average wait period would be around 4.1 years.
There is a valid argument as to why some people would rather remain as tenants, basically, other than financial capability and availability, buying a home is a matter of personal choice.