Landbay: Tenants aren’t interested in buying a home
LANDBAY has questioned the political motivations behind getting people onto the property ladder.
It comes as research by the peer-to-peer property lender found the majority of the UK’s private tenants don’t want to buy a home.
A poll of 2,000 renters by Landbay found only 42 per cent were interested in getting on the ladder in the near future.
Older renters were the least interested, with only 13 per cent of over-55s expressing a desire to buy a home in the near future.
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46 per cent of those aged 35-44 were interested, whilst millennials, those aged 25-34, are leading the charge for home ownership, with 64 per cent keen to buy in the near future.
Almost half of women were keen to buy compared with 34 per cent of men.
It comes amid proposals by Labour to let renters purchase homes from their landlord at a discount and a government focus on stamp duty exemptions for first-time buyers.
“This research suggests the UK’s enthusiasm for home ownership may be waning,” John Goodall, chief executive of Landbay, said.
“Conversations around the private rental sector often assume the bulk of renters are simply biding their time until they can buy a house.
“However, the changing face of employment and a thirst for flexible living mean renting is more attractive than ever, and landlords should reflect this in their interactions with tenants.
“It’s crucial that investment in the private rental sector becomes a priority.
“What use is Labour’s ‘right to buy’ policy if renters have no interest in doing so?
“Instead the government must focus on encouraging purpose-built rental properties and cease its penalisation of landlords.”
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