Long term lets remain popular but more Brits hope to buy their own home
Updated data* from landlord insurance specialists Cover4LetProperty reveals that more than two thirds of all private tenants tend to stay for five years or more in the same property.
The seventh in the series of surveys (carried out bi-annually from March 2013 to date) asked how many rented properties the respondent has lived in during the past five years:
- 76% of respondents said they do live - or have lived - in private rented accommodation – no change over 3 years;
- 67% of renters have stayed for 5 or more years in the same property (a 30% increase on 3 years ago);
- 75% of respondents said they tend to rent long term (over 6 months) – down 11% compared to March 2013;
- 28% plan to buy their own home within the next six months - a massive 20% increase since March 2013;
- 36% hope to buy in the next few years’ (up 12% since March 2013);
- those in the 50-59 age band were the most likely to buy within the next 6-12 months – the same as three years ago;
- of the shorter-term tenants, several already own their home but were working away and so living in rented accommodation, or were renovating their property.
Commenting on the data, Richard Burgess, Director at Cover4LetProperty, says: “It is really interesting to see how property ownership and rental trends have changed over the last three years. Probably the biggest change is the number of people now aspiring to buy their own home, which to me suggests a renewed confidence in the economy.
“Of course, there will always be a market for privately rented properties. As our data shows, at any one time, over three quarters of Brits live, or have lived, in a private rented property.”
Ends
*Independent study carried out 6 monthly for Cover4LetProperty by Usurv March 2013 - March 2016.
Contact:
Richard Burgess, MCIM, ACIEH, Cert CII 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 70 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.
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