Homeowners would prefer to rent
Of the 1.75 million homeowners, 32% stated they had not considered doing this in the past. A further 31% said they would consider selling their home and renting but aren’t able to do so at the moment as the price they would get for selling their home is too low.
Almost a third (31%) of those who already rent their home, believe that with the recent volatility in the housing market, renting gives them more freedom without the hassle of owning their own home. Over one in ten (12%) state they now no longer aspire to the status symbol of owning their own home after the recent property market crash. Six per cent of renters have been put off buying due to the property market crash and 7% have been financially unable to buy due to the property market crash.
Only just over one in ten renters (13%) state the property market crash has not put them off buying, and they are still hoping to purchase their own house. Owning their own home appears most important to the younger generations, with 22% of those aged between 18 to 34 still hoping to buy. The older generations of renters are less interested in buying after the property market crash, with only 6% of those aged between 35 to 54 and 2% of those aged 55 or over stating they are still keen to stop renting and buy their own home.
Karen Barrett, chief executive of Unbiased.co.uk commented, “While there are mixed messages as to whether house prices are now starting to rise again, it is clear that the property market crash has had a profound effect on the way people view their homes. For many who own their own home, the worry and stress of this through the property market volatility has caused them to re-think about whether long-term renting is a viable option for them.
“It has also caused renters to think about their long-term options, and while some still want to get on the property ladder despite the recent crash, many have now decided that the British status symbol of owning your own home no longer has the same importance. For those renters who are still looking to get on the property ladder, especially first time buyers, it is vital that they see a whole of market mortgage adviser to ensure they are getting the best possible advice from the whole of the market.”