A typical tenant in the UK believes they will be renting a home for at least another 10 years, a survey by AXA has found.

The research also discovered that fewer tenants are renting purely because they cannot afford to buy a property. Instead, a change in attitude towards renting means more are benefiting from the freedom it offers.

Indeed, just 44 per cent of tenants said they are renting for financial reasons, compared with 67 per cent who claimed they could not afford to buy in 2013.

Allison Thompson, Managing Director at Leaders, says, “Many tenants are happy to be renting a property and see their longterm future in the rental market due to the financial benefits and flexibility it offers.

“Two-thirds of people who rent plan to relocate within the next five years – a step that would be more complicated if they had to sell their home before being able to complete a move. “Even if tenants are not planning to move to a new town, renting offers the freedom to move to a new house when required. For instance, those who add to their family and need more space, wish to move closer to a place of work or downsize to save money can do so easily as tenants.”

Respondents also suggested they prefer short-term contracts of between six months and a year, despite calls for long-term tenancies to become the norm. 61 per cent of tenants said they are happier to rent for up to a year, while only 18 per cent preferred a five or 10-year term.

Allison added, “The results are clear; tenants enjoy the freedom and flexibility that comes with renting and are generally uninterested in being tied to a property for several years at a time.”