Almost two in five private tenants plan to remain renting rather than buy a property, according to a new study.
A survey of 1,000 renters, carried out by The Deposit Protection Service (DPS) found that 38% of participants were ‘not looking to buy a property’ and would continue to rent ‘long-term’.
Of those who said they are hoping to get on the property ladder, 62% said they didn’t expect to own a property within the next year.
Meanwhile, 26% said they hoped to become a homeowner within six months.
Julian Foster, DPS managing director, says that a significant proportion of the population ‘choose’ to be tenants as it suits their life plan or lifestyle.
“Buying a house is a significant financial undertaking, and renting will often also suit those who are saving for a deposit before accessing a mortgage,” he adds.
“The UK needs a flexible residential sector that suits the varied life choices and priorities of our diverse population, and the rental sector plays an important role in providing people with real housing options,” says Foster.