As 2020 kicks off with hopes of an improving property market, new research from Engen Group has revealed the opportunity open to agents after discovering that two thirds of those who do not own their home hope to get on the property ladder in the future.
The remainder include nearly a quarter who prefer renting to owning and 14% who are not sure.
Engen Group, a property business involved in affordable and sustainable housing, found that of those who don’t want to own their own home, 52% say it’s because they prefer to rent and 28% say they used to own property but would now prefer not to own.
A further 14% say it is too expensive to buy, and 7% think they are now too old. Of those adults currently living at home with their parents, 32% said they can’t afford to move out, but one in five (21%) said they don’t want to leave.
Just 19% say they are only living with family members on a temporary basis as they are saving for something specific such as deposit for a house or to go travelling.
Graeme Boiardini (left), CEO of Engen Group says his research shows that many people in the UK prefer the flexibility of renting.
“But there are still many who want to get on to the property ladder but can’t because of the cost,” he says. “Sadly, some people also seem to have given up because of their age, believing they have left it too late to secure a mortgage, for example.”
Read more about Generation Rent