Nearly a quarter (21%) of UK renters plan to stick to renting with 15% particularly enjoying the freedom to live wherever they want, according to a new survey.
Almost one in five (19%) of baby boomers (those aged between 55-74) want to rent for as long as possible, says build-to-rent operator UNCLE, as they don’t like being tied down, while 17% of this generation believes there’s too much emphasis on owning a home.
This viewpoint grows steadily through the generations, with 12% of 16-24 year olds and 25-39 year olds believing that home owning is over-rated, and 15% of 40-54 year olds.
The most popular renting duration is one to two years, with almost one third (30%) of people planning to stay put for this long, according to the survey of 1,000 renters. Nearly a quarter (23%) plan to rent for three to four years, and 11% plan to rent for five to six years.
The UK has the 10th most renters around the world, says UNCLE, with 34% of residents living in rented accommodation, but Switzerland takes the top spot with 61%, followed by Germany with 54%.
UNCLE founder Ryan Prince (pictured) says: “Home prices just hit an all-time high with the average property costing £249,000 requiring a deposit of £57,000. There are many people who aren’t able to afford to save up a large chunk of money or choose not to own for a range of reasons related to flexibility and the benefits of ‘living as a service’.”