Two in five renters 'not looking to buy' a home

Two in five renters 'not looking to buy' a home

The trend for long-term renting continues to gather pace, according to research from the Deposit Protection Service (DPS).

A survey of 1,000 tenants carried out by the organisation found that two in five renters are not looking to buy a property and instead intend to rent long-term.

Of those taking part who said they do hope to take their first steps on the housing ladder, 62% indicated that they do not expect to own a property within the next year, while a quarter said they hope to purchase a home within six months.

"Renting is a vital part of the housing sector, and a significant proportion of the population choose to be tenants as it better suits their life plan or lifestyles," says Julian Foster, managing director of the DPS.

"However, buying a house is a significant financial undertaking, and renting will often also suit those who are saving for a deposit before accessing a mortgage."

"The UK needs a flexible residential sector that suits the varied life choices and priorities of our diverse population, and the rental sector plays an important role in providing people with real housing options," he adds.

The DPS is one of three government-approved tenant deposit protection schemes in which landlords - or letting agents - must protect tenants' deposits.

Article courtesy of Landlord Today | Sign up for Landlord Today newsletter | Get this news on YOUR site!