Many renters want to buy out their landlord

A large scale survey of over 4,000 private and social tenants suggests that a significant proportion would like to buy their home from their landlord if circumstances allowed.

Amongst the private renter cohort, the proportion wanting to buy is 45 per cent. 

Interest peaks between the ages of 25 and 34, with more than half of tenants keen to buy the home they’re currently living in. This compares to just under one-in-three of those aged between 65 and 74, the age group least motivated to buy out their landlord.

Regionally, London sees the highest proportion of tenants keen to buy their current home at 53 per cent. 

The research – by Wayhome – suggests several factors driving tenants to buy out: the home’s location tops the list on 51 per cent while over a third of respondents say they do not want the hassle of a physical move.

Meanwhile, the survey also discovered that a quarter of current homeowners with a history of renting say they would have considered buying the last home they rented, if it had been possible at the time.

Wayhome chief executive Nigel Purves says: “Renting a home could effectively be like taking a car for an extended test-drive. Renters get under the skin of the property by living there and will soon know whether they’d like it as their long-term home.

“If it’s a home the tenant can afford to rent on an ongoing basis and the landlord is open to selling, surely there should be some way of helping to finance a deal with two willing parties?”

Written by: Houseladder