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Is home ownership losing its appeal asks Cover4LetProperty?

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New research* from landlord insurance specialists Cover4LetProperty has revealed that nearly half of the adult population (44%) are living in private or social rented property.

This supports recent figures from the Office of National Statistics which say that for the first time in a century, the UK has seen an increase in people living in rented accommodation rather than owning their home.**

The research from www.cover4letproperty.co.uk also revealed that nearly a third (28%) of those questioned live in their own or mortgaged home, with the remaining 28% living with friends and family.

  • 52% of women live in rented accommodation compared to 37% of men;
  • 12% more men live in their own or mortgaged home compared to women;
  • those in the 50-59 age band are the most likely age group to live in rented property;
  • 91% of 18-29 year olds live with family or friends;
  • 13% of those in the 40-49 age band have recently moved back home citing reasons such as divorce or caring for a sick parent;
  • a quarter of those aged 30-39 have always lived at home;
  • higher income earners are just as likely to live in rented accommodation as those who earn less than them.

Richard Burgess, Director at Cover4LetProperty, commented: “It is always interesting to survey people and find that the results we have back up figures coming out of the Government. With more people staying in rented accommodation, is the dream of home ownership dead? It is hard to say, but it will be interesting to do this survey again in 10 years time and see if it is simply down to the current economic climate or something more fundamental.”

Ends

*Independent study carried out for Cover4LetProperty May 2013 by Usurv

** The Independent newspaper, 27.04.13

Contact:

Richard Burgess, MCIM, Director at Cover4LetProperty, telephone: 0845 863 9558, or email: richardb@alanblunden.co.uk

About Cover4LetProperty:

With roots going back to 1946, our clients can benefit from 66 years’ of experience in the landlord insurance marketplace. We are award-winning independent intermediaries and act on behalf of our clients in arranging their buy to let and unoccupied property insurances. Our service includes advising clients on their insurance needs, arranging insurance cover with insurers to meet those requirements and help with any ongoing changes that have to be made to their landlords insurance policies.

In 2011 we were proud to beat off some stiff competition for the award for Best Landlord Insurer in the prestigious The Money Awards.

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Richard Burgess tenants cover4letproperty wwwcover4letpropertycouk landlord insurance renters habits

Quick facts

• 52% of women live in rented accommodation compared to 37% of men; • 12% more men live in their own or mortgaged home compared to women; • those in the 50-59 age band are the most likely age group to live in rented property; • 91% of 18-29 year olds live with family or friends; • 13% of those in the 40-49 age band have recently moved back home citing reasons such as divorce or caring for a sick parent; • a quarter of those aged 30-39 have always lived at home; • higher income earners are just as likely to live in rented accommodation as those who earn less than them.
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Quotes

With more people staying in rented accommodation, is the dream of home ownership dead? It is hard to say, but it will be interesting to do this survey again in 10 years time and see if it is simply down to the current economic climate or something more fundamental
Richard Burgess, Director at Cover4LetProperty