Just over one quarter of renting tenants will relocate, where possible, to another town or city, so they can buy a property. The same recent study found that a further 29% of tenants would consider this option. Conversely, around 44% of tenants insisted that they would stay in the same town or city and have no plans to move elsewhere, even where that’s their best option to purchase their own home.
London tenants, who are most used to high rents and expensive properties should they wish to own, are the most likely to contemplate moving so they can buy a property with almost 90% open to this idea. Just under 15% of individuals in the East Midlands would be keen to move elsewhere to buy their own home.
The reasons behind these options and considerations are related to the fact that almost 50% of tenants cannot find the deposit required while just over 20% will be unable to secure a mortgage to buy a home.
The good news for tenants and landlords in the survey suggests that there are less overcrowded properties in the marketplace and more energy-efficient homes to rent which means more properties fall within the ‘decent homes’ standard.
With the ever-increasing cost of owning a property and the figures staying consistently beyond the means of many, the option of completely moving to a different area so that people can buy a home looks more attractive. This is particularly true of London and the south-east because people can gain so much better value elsewhere.
Landlords may not need to be worried completely about these issues because moving to another area of the country isn’t easy when people consider moving away from close family and friends. Changing job may not always simple and getting a mortgage is more difficult when you have recently changed jobs.
All this information from the study shows that tenants and landlords continue to play an important role in the mix of housing available across the UK.