Two fifths of tenants want to keep their rental home

 

The UK’s private rented sector is going from strength to strength, and the improvements aren’t going unnoticed by tenants…

Today’s tenants are happier than ever in their rental homes, it seems. New research from Wayhome has revealed that as many as 42% of renters would even like to buy the home they are currently renting from their landlords.

The survey included the opinions of 4,002 people who are living in rental accommodation across the country. When looking at the private sector alone, the figure rises to 45%, while 38% of social tenants would be interested in buying their property if it were feasible.

Location plays a part for the tenants who would most like to stay put in their property for the long run. Those in London are the most likely to desire to buy, with 53%. In Yorkshire and the Humber, 46% of tenants would snap up their rental home if they could, followed by 44% in the south-east.

What makes tenants want to stay put?

The results of the survey shed some light on what today’s tenants value the most in their homes. For landlords and property investors, focusing on these key aspects could be a good starting point to increase the desirability of their rental properties.

Location came out on top, which was the main draw for 51% of tenants wanting to keep their property. This, of course, is one of the key things any buyer and prospective tenant will be keen to get right. Areas close to good local amenities, transport links and in sought after areas will always have the highest demand.

On a simpler level, 50% of people said they just love the property, while 38% wanted to stay simply to avoid the hassle of moving. This is another key point to note for landlords; tenants value long-term tenancies that give them more security.

A further 36% of tenants who wanted to buy their rental said it was because they had spent money furnishing it. Again, this is a good indicator that today’s tenants are looking for much more than a short-term fix; many are looking for a long-term home.

Test-driving a property

Wayhome’s survey also found that more than a quarter (26%) of homeowners would have liked to have bought their previous rental home if it had been an option at the time.

For many, renting is a way of testing out an area before buying there. Particularly in the current climate, with people relocating to suit their new work-life balances, there could be huge numbers of tenants looking to dip their toes into a new location before committing to buy.

According to Wayhome, the landscape remains tougher than ever for first-time buyers.

Nigel Purves, CEO of Wayhome, says: “It is clear from this research that renters in the UK want to have more of a stake in their home. But with prices going up, mortgage affordability becomes more constrained than ever, which makes getting on the ladder an increasingly distant dream.

“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?”

BuyAssociation has a range of property investment opportunities available across the UK, from traditional buy-to-let to build-to-rent and HMO properties. Browse a selection of our investments here, or get in touch for more details. 

Highgrove Mews

High Net Yield Freehold Houses

  • Commutable to London (27 mins to central Paddington station)
  • Rental demand extremely strong with large industry presence in Reading
  • Freehold with 4% net yield

£284,955 - £457,000

St Petersgate – Stockport Manchester

New Launch - Stockport Manchester, apartments from £160,000

  • Discounted launch prices from £160,000
  • Excellent transport links with 3 trains per hour to London Euston and only 9 mins journey to Manchester Piccadilly
  • Experienced development team

Assured Rent Housing Association Leases

Assured Rent Housing Association Leases

  • Assured rent & no rental voids
  • Tenant damage cover & newly refurbished inline with requirements of a corporate sitting tenant
  • Free property and lettings management

From £62,000

Emerging Birmingham Commuter Town With Properties From Just £104,000

The emerging Birmingham commuter town where properties are selling in an average of just 24 days

  • A collection of 62 two bedroom apartments and 28 one bedroom apartments.
  • DE14 is one of the fastest selling postcodes in the West Midlands.
  • 23 minute train journey into Birmingham New Street Station.

Properties from £104,000

Mill, Stockport

The Northwest's emerging property hotspot

  • Discounted off-plan 2-bed prices from £162,000
  • Completion date - Q4 2021
  • Rental yields - 6% plus

Discounted off-plan 2-bed prices from £162,000

South Central – Birmingham City Centre Apartments

Highly anticipated 28 storey launch in Birmingham City Centre with an impressive roof garden and communal facilities.

  • 154 units across 28 storeys
  • Residential multi-media community room, gym, roof garden and sky cinema
  • Excellent future connectivity via the metro system to other key transport hubs and locations around the city

from £205,800

ba-

Talk to us

Speak to our UK property experts today: 

+44 (0) 333 123 0320

Open from 9am-6pm GMT

+852 9865 4446

Open from 9am-6pm HKT

Stamp Duty Calculator

.

Unlock members only investment opportunities and full development details. Join now – it’s free, quick and easy.

Login

Not a member? Sign up for free

tenants buying

Two fifths of tenants want to keep their rental home

Example

By submitting your details via this online form you agree to be contacted via email/phone/SMS by Direct Marketplace Ltd t/a BuyAssociation in relation to property investment and property developments . We do not share your personal details with third parties.  To view our full Privacy Policy click here.