13^th November 2019

Renters in it for the long term

A recent Halifax/YouGov survey yielded some interesting results regarding current tenants’ attitudes towards their position in the market and their future living arrangements. Nearly four in ten respondents believed that they would never be in a position to purchase their own home, while 30% - most of whom were older – accept that it is the norm for renters to remain renting and not target home ownership. Tellingly, younger respondents aged between 18 and 24 delivered a more optimistic outlook with only 14% thinking it unlikely that they will one day purchase their own property.

Given these findings it would seem safe to assume that the number of first-time buyers would have declined in the last decade, but Halifax report otherwise. In fact, they claim that the figure has more than doubled from 72,180 in the first six months of 2009 to 170,060 in the first six months of 2019, with the typical first-time buyer now being aged 31. In 2018, first-time buyers accounted for the majority of the mortgage market for the first time in well over two decades, putting down an average deposit of £41,099 against the average UK house price of £224,709.

With many tenants now viewing renting as a long-term solution, Andrew Ward, founder of Award Property Management, emphasises the need to do your homework. ‘Historically, renting was probably regarded as a short-term stop gap between living with your parents and buying your own home,’ comments Andrew. ‘However, as the Halifax/YouGov survey seems to indicate, more and more tenants are thinking that they will be in rented accommodation for a long period. That’s why we urge both landlords renting out their properties and tenants looking to find somewhere to settle down to engage only with professional letting agents who embrace and adhere to all the latest regulations. Dealing with a competent agent and finding a high-quality rented home allows both landlord and tenant to enjoy stability and peace of mind going forward.’

Award Property Management are letting agents in Cambridge, so if you’re looking for help and advice with any aspect of the rental market, why not get in touch? We’d love to hear from you.