Few tenants are looking to buy

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Only 13% of tenants are interested in buying a property at present, research from online letting agent Upad has found.

A quarter (24%) couldn’t afford a mortgage, a similar amount (26%) rent as it fits their work or education system and 14% rent due to personal circumstances such as a breakup.

Despite the lack of tenants looking to buy property only 13% have no desire to ever own a home, while one in five tenants have owned a property previously.

James Davis, Upad founder and portfolio landlord, said: “The number of long-term tenants alongside those who have no desire to ever own a home further highlights the importance of landlords in the housing sector, and how they will remain so for many years to come.

“What’s also interesting is we’re now seeing over 1 in 5 tenants who were previously homeowners deciding that renting is now better for them for a variety of reasons.

“Given the proposed letting fees ban has progressed to the debate stage in Westminster it will be intriguing to see if the government ever wakes up to the obvious importance of landlords in the marketplace.”

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Written by: Houseladder