JULY 22, 2016 | BY A & S Property
Tenants prepared to make sacrifices to get on the property ladder
Tenants in the UK who are saving for a deposit to purchase their first home are more prepared than ever before to make sacrifices in terms of where they live in order to get onto the housing ladder, according to a new survey.
A poll of 921 private renters revealed that more than half of tenants would leave the exiting town or city they live in and move to a more affordable area if it enabled them to purchase a home of their own.
According to the research, just over a quarter of tenants (27%) would relocate in order to buy a house, and a further three in ten (29%) would consider doing so. But 44% of tenants said they would not move to another town or city even if it meant being able to afford to buy their own place.
Tenants in London, which is by far the most expensive place to buy property in the UK, were the most open to the idea of moving, with 87% saying they would relocate or consider relocating in order to buy a home. However, tenants in the East Midlands were the least receptive to the idea, with just 14% willing to relocate.
The research also shows that almost half of those surveyed (47%) said they were unable to afford a deposit for a new home, with a fifth (22%) unable to access mortgage finance to buy.
The findings come as the latest English Housing Survey shows that more private rented homes now meet the decent homes standard than ever before, with fewer overcrowded properties and a larger proportion of energy efficient properties.
Richard Lambert, CEO of the National Landlords Association (NLA), commented: “Homeownership is out of reach for so many people, so the idea of upping sticks and moving to a new town or city in order to buy their own home is becoming more and more appealing.
“I think people are looking at the costs of buying, especially in high demand areas like London and the South East, and realising what they could get for their money elsewhere.
“Relocating is never an easy decision to make as it will often involve leaving behind friends and family. Then there are all the other considerations, not least whether you’ll be able to find the employment to make a move possible.
“In the meantime, the private rented sector remains a key part of the UK’s housing mix and it’s essential that tenants can rely on it. The latest findings from the government are encouraging but more must be done to improve conditions for the minority of tenants who have a bad experience of renting privately”.
Full regional breakdown
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