June 10, 2019
RENTERS ASPIRE TO HOME OWNERSHIP
Much has been written about the rise in the number of people renting rather than buying their home but, according to the latest English Housing Survey (EHS), 58% of renters fully intend to buy.
This is good news for anyone feeling the effects of low transaction volumes, a homeowner hoping to sell, or move up the housing ladder, or any of the various traders and suppliers involved in the home-moving process.
Of those currently renting who intend to buy, 26.5% plan to do so within the next two years, according to EHS. That’s a potential 641,000 brand new buyers, or 320,000 per annum – which would be a healthy boost to the 2018 total of approximately 800,000 sales in England.
And these renters are thinking ahead. Over 40% of them anticipate renting for another five years or more, but buying remains the aspiration for the majority of renters.