Reasons for renting

Renting has become more popular than ever over the last few years, but you may be wondering why? Well, according to The Property Academy Tenant Survey 2020, just over half of tenants rent because they can’t afford to buy and almost half rent to suit their lifestyle.

Stepping onto the property ladder can feel tough at times, especially in 2020, however not everyone actually wants to purchase a home. 14% of tenants don’t want to buy and 19% don’t plan on buying for more than three years.

It’s no surprise to hear when you look at the many perks of renting. 12% of tenants said their main reason for renting was that they like the flexibility it brings and they don’t feel tied down to one property, or one area. Whilst 10% said they were renting as they had relocated and were settling in to a new area. It’s always sensible to make sure you get settled in a new area before investing in purchasing a property.

Whilst the other remaining reasons for renting were due to current lifestyle factors including being too old to buy, being a student, going through a divorce and being between buying and selling.

If you are looking to purchase a property but you’re part of the 52% that can’t afford to buy then why not speak to one of our Mortgage Advisers to see what you can do now to get you on the road to property ownership?

Sources: Dataloft Inform and Property Academy