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?”
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