Results published today by Endsleigh reveals that twice the number of people in the UK are renting (45 per cent) in comparison to owning their own home (23 per cent).
The data, which also ranks the top ten regions in the UK for renting shows that Middlesex is the most popular area, with over three times as many renters (51 per cent) than buyers (16 per cent). It is closely followed by East Sussex (48 per cent), Surrey (46 per cent) and Berkshire (46 per cent). Six of the top ten regions are in the South East of England, and all of the top ten are in the Southern part of the UK.
Despite the majority of renters (92 per cent) ranging between 16 and 50 years old, and having different needs and wants from their property, all ages said they liked the flexibility of renting because there is more freedom to move between areas and into different types of accommodation. Over half (62 per cent) of renters surveyed are living in a property that is in a totally different location to their previous accommodation. With a greater amount of properties now available to rent due to property prices being lower than before, many believe they can also get more for their money by renting.
Unfurnished properties take preference over furnished homes – giving tenants the opportunity to add their own personal touch through furnishing their accommodation.
In spite of ongoing concerns about the UK economy, job market, and residential property sector, Endsleigh also found that three out of five (62 per cent) renters intend on buying a property within the next five years.
Carlos Thompson, Endsleigh’s head of business development, said:
“The impact of the recession on the value of properties has meant that some home owners have opted to rent rather than sell, subsequently increasing the amount of supply in the lettings market. More choice and flexibility on the area and type of accommodation available is good news for some tenants. However, whilst more properties means more choice, the surge in renting means there can be fierce competition in applying for a property, and there is a real risk that tenants will stretch beyond their means and choose somewhere that they wouldn’t normally, just to secure a property.
The opportunity to capitalise on a lucrative rental market has also led to a rise in competition between letting agents as they all look to fill their books with landlords’ properties. Therefore it’s more important than ever for agents to offer a first class service that includes comprehensive reference checks and rent guarantee insurance, which will not only protect landlords from overstretched tenants that might default on their payments, but will distinguish them from their agent competitors.”
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