Tenants not planning to buy

A growing number of tenants are not planning to buy and will probably rent for the long term, with little likelihood of  buying a home. As letting agents experience growing demand, will there be enough properties? 38.4 per cent of tenants surveyed by The Deposit Protection Service said  that they plan to remain in a rented home rather than buy property, The Deposit Protection Service (The DPS) has said. Most of those who said that they do intend to buy a property said it wouldn’t be likely within the next 12 months. 25.5 per cent said they hoped to own within six months, but 62 per cent said they didn’t expect to within the next year. The 1,000 tenants surveyed have their deposits registered with The DPS. Julian Foster, Managing Director of The DPS, said, “Renting is a vital part of the housing sector, and a significant proportion of the UK population choose to be tenants as it better suits their life plan or lifestyles.   “However, buying a house is a significant financial undertaking, and renting will often also suit those who are saving for a deposit before accessing a mortgage. “The UK needs a flexible residential sector that suits the varied life choices and…