Appreciating value and equity build-up are the main benefits for property homeowners, BLP Insurance, a specialist residential warranty and commercial latent defects insurer, has found.
That was the view of almost half (46%) of homeowners, with this viewpoint particularly prevalent among over 55-year-olds (56%) compared with 18-34-year-olds and 35-54-year-olds (35% and 45% respectively).
Kim Vernau, chief executive at BLP Insurance, said: “With prospective first-time buyers struggling to get their foot on the housing ladder and no quick fix in sight, it’s more important than ever that the standards of rental accommodation are addressed.
“In an otherwise uncertain housing market, the UK Build to Rent (BTR) sector is going from strength to strength, which is encouraging because it has a vital role to play in resolving the issues faced by renters. Over a third of Brits (36%) find deposit size to be the main barrier to ownership in the next decade.
“BTR offers affordable access to quality housing, with greater accountability to tenants on the part of the housing provider compared with traditional landlords.
“It’s fast becoming the torchbearer within the rental market, helping people avoid the issues presented by rogue landlords and sub-standard living conditions.”
Other popular benefits of homeownership included inheritance and legacy for children (42%), not having to share living spaces with strangers or housemates (41%) and ownership being a reflection of ambition and success (30%).
The survey, conducted online with Opinium, also revealed that nearly a fifth of homeowners (18%) considered potential rental income to be a main benefit, with a further 17% citing property ownership as a risk-averse investment.
Almost 18% of those people who took part in a separate BLP tenants survey have faced mould-related issues, closely followed by plumbing and heating problems (17%), cheap fittings and furnishings (16%) and noisy or untidy housemates (11%).
Issues with landlords were also common, with one in 10 (10%) experiencing invasions of privacy and 8% being involved in a dispute over a deposit. Not having to deal with the related costs and responsibility of property maintenance was considered the most popular benefit of renting (37%).