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Renters growing more confident in homeownership

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Renters growing more confident in homeownership

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Published by Max Salsbury for 24dash.com in Housing

'North-South divide' over stamp duty payments 'North-South divide' over stamp duty payments

Renters are growing more optimistic that they will be able to buy a home in the future, a study has found.

According to a Royal Mail survey, 24% of renters say they are more hopeful about buying a home compared to last year.

The postal service's Home Movers Study of its redirection users also discovered that a fifth of home-owning parents who moved in the last six months wanted a bigger home in the expectation that their children will live with them until their late 20s.

And though 79% of homeowners are pleased with their new property, almost twice as many Londoners (5%) as the national average (3%) are disappointed, blaming competition for property for putting them under pressure to buy.

The study of redirection customers found that just over half of people who rent their home (51%) plan to buy in the future.

The North East (43%) and Scotland (44%) have the lowest proportions of renters surveyed who plan to buy a home in the future. In both areas, they have among the highest proportion of people who said they are happy to rent (33% in each case).

The survey also revealed that people are being patient to ensure they buy the right property. Half (47%) of homeowners interviewed who have moved home said they waited longer than they wanted for the move.

The biggest factor chosen from a list was a shortage of properties to meet their needs (35%). Only 15% blamed the high cost of the next property on the housing ladder for slowing down their move.

Andrea Martin, Royal Mail’s managing director of data services, said; “Royal Mail’s inaugural Home Movers Study of Redirection customers provides a fascinating snapshot of the UK home moving market.

"It is interesting to see so many people buying larger properties in the expectation that their children will be living with them longer into adulthood. Alongside this, patience is proving a virtue in the house buying market with people prepared to sit it out to find the right home for them.”

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