Tenants are renting an average of four years longer than they originally intended because the cost of purchasing their own home is so high.
A study by Hillarys.co.uk found many Brits were attracted to homeownership because it gave them the freedom to decorate, meant they didn’t have to answer to a landlord and could have a pet.
As such, when people moved into rented accommodation, they planned to stay there for a maximum of a year, the survey of 2,470 adults revealed.
But, in reality, they ended up staying for a longer five years – four years than they had originally planned.
Why rent?
Almost all those questioned said the high cost of purchasing a home was the main reason it took them so long to move from renting to homeownership.
But nearly three quarters admitted they quite enjoyed the freedom of renting and 68% said they weren’t sure where they would like to settle down.
More than half were put off by the fact they would have to cover repairs themselves and 51% said they wanted to go travelling before buying a home.
Tara Hall, a spokesperson for Hillarys.co.uk, said: “With the cost of buying a home getting higher and higher, it’s taking much longer for people to save up for deposits and other costs.
“However, it seems that while a lot of people would like to buy a home eventually, lots of people enjoy the benefits of not being tied down long term.”
The study was carried out by www.Hillarys.co.uk as part of ongoing research into the home lives of UK adults. 2,470 Britons were questioned for the purpose of the study.
All respondents were asked how long they had planned to stay in rented accommodation before going on to buying their own place.
