UK renters giving up on plans to purchase a property
Direct Line for Business have analysed that over two thirds of UK renters have given up plans to purchase a property and have resigned themselves to renting.
The analysis from Direct Line for Business suggests that future generations will become more accustomed to renting properties in the future. The average price paid for a home by first-time buyers in 2017 was £207,693. That figure equated to an average of £138,663 in 2012.
Affordability, freedom to travel and the cost of maintaining a home are factors in this situation.
Christina Dimitrov (Business Manager at Direct Line for Business) said: “The UK housing market continues to change and we are seeing a major attitudinal shift when it comes to renting.
While price is a factor, many people are increasingly comfortable with the flexibility afforded by renting a property rather than jumping into home ownership.In line with the greater demand for rental properties, the Government has introduced tougher controls and regulation.
Recent legislative changes mean landlords have stringent guidelines to adhere to in order to ensure the health and well being of their tenants. It is important that landlords ensure all of their properties are adequately insured to minimise distress to them and their tenants should something go wrong.”