The Kinleigh Folkard & Hayward (KFH) London Tenant Barometer 2018 has revealed private tenants living in London still hanker after buying their own home. Of those questioned, 64% would rather own than rent, with only 25% of tenants happy to stay in rental accommodation on a long-term basis.
Despite the desire to move on from renting, confidence in this ever happening has decreased over the last year, with 52% saying their chance of getting on the property ladder has got worse.
The snapshot of the largest private rental sector in the UK highlights how home ownership is still the goal in London, although 71% of the 2,000 respondents said they were happy living in a rented home.
The desire to own a home does not appear to be diminishing among London’s renters and schemes like Help to Buy”.
KFH’s Carol Pawsey says that despite incentives to facilitate home buying, affordability issues are keeping many tenants in rented accommodation: “The desire to own a home does not appear to be diminishing among London’s renters and schemes like Help to Buy, increased mortgage availability and changes to stamp duty have helped ease the path to ownership. But high buying costs mean many expect to rent for the foreseeable future and want a property that adequately meets their expectations.”
Other key statistics included in the report include news that 48% of tenants expect their rent to rise over the next 12 months, and that the average monthly rent in London now stands at £1,600.
Important to tenants
Those taking part in the survey were also asked to rank what was most important to them when they chose their current rental property in London, with price (77%) voted the number one concern. This was followed by location (65%), property size (51%) and proximity to transport links (47%). Of lesser importance were broadband speed (12%), good quality mobile phone signal (7%) and shared inclusive amenities (5%).