Saturday, May 28, 2022

Half of renters want to buy out their landlord, finds study


42% of tenants said they would like to buy their current rental home, if it were feasible, according to a survey by Opinium

A significant proportion of those renting a home would like to buy it from their landlord if circumstances allowed, new research by Gradual Homeownership provider Wayhome shows.

In a national survey of 4,002 people, carried out by Opinium, 42% of tenants said they would like to buy their current rental home, if it were feasible.

This rises to 45% of private renters compared to 38% of social tenants.

Interest peaks between the ages of 25 and 34, with more than half of tenants keen to buy the home they’re currently living in.

This compares to just under one-in-three of those aged between 65 and 74 (32%), the age group least motivated to buy out their landlord.

Regionally, London sees the highest proportion of tenants keen to buy their current home at 53%. This is followed by those in Yorkshire and Humberside (46%) and those in the South East of England (44%). Those in the North East (30%) are least likely to want to buy their home.

There are several factors that drive the desire of tenants to buy out their landlord, with the home’s location topping the list (51%). Half (50%) say it’s because they ‘love’ the home and 38% say it’s because they don’t want the hassle of moving.

Wayhome says in reality, most UK tenants wanting to buy the property they rent in today’s market face tough challenges. When applying for a mortgage, a first-time buyer will be approved for 3.55 times their gross household income. When the average UK income of £47,662 is considered, it can leave those buying on their own with a mortgage worth £169,200.

Even if their landlord were happy to sell, the strict lending criteria enforced by the high street banks severely limits their chances of securing a mortgage sizeable enough to buy the property.


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