News
Rental demand to stay strong as many tenants say they’ll never buy
Monday 11th December 2023
Over a third of current renters believe they will never be able to buy a home in future.
And only 29 per cent expect to become homeowners within the next five years.
Research by TSB points to the range of challenges faced by renters looking to take their first steps onto the property ladder.
While property prices were cited as an obstacle to buying a home by 45 per cent of renters, the challenge of not being able to save for a deposit and not earning enough to qualify for an appropriate mortgage were also cited as an obstacle by a third of those who did not own a property.
This comes at a time when rental prices are increasing at a significant rate – ONS data shows a 6.1 per cent rise for private tenants in the 12 months to October 2023.
Renting was also linked to economic uncertainty with 76 per cent of private renters saying that they had experienced moments of anxiety or worry related to their finances in the previous six months. This is compared to 46 per cent of people who owned their home outright.
Looking for a letting agent to help manage your rental property or to find you a home? contact AFFINITY today! 01908 639098^