Three quarters of renters would like to buy their own home, yet over four in 10 expect to rent for the rest of their lives, according to new research.
The survey of more than 2,000 private renters in England, conducted by the TDS Charitable Foundation, also found that more than half (51%) of renters say they would like to move out of their current property but feel unable to.
At the same time, 76% would like to buy their own home, yet 44% expect to rent for the rest of their lives – highlighting a considerable gap between renters’ housing aspirations and what they believe is realistically achievable.
The findings come as renters continue to face significant barriers when looking for a new home. Almost half (47%) said it was difficult to find a suitable property during their last search, pointing to a lack of choice in the market that enables tenants to move to new properties when they want or need to move.
Tenancies are also becoming longer. The average tenancy length in the private rented sector is now estimated at 4.7 years, almost a year longer than a decade ago.
The research also points to growing demand for an alternative to private renting, with almost a third of tenants (30%) saying they would prefer to live in social housing, up from one in five (21 per cent) who said the same last year.
The increase is particularly pronounced among groups facing greater pressures in the rental market. Almost half (47%) of tenants aged 65 or over would prefer social housing, alongside 46 per cent of tenants receiving benefits, 39% of households with children and 35% of those living with a long-term health condition.
Overall, the findings point to the changing role of the private rented sector, with a growing range of households relying on it as a long-term home rather than simply a temporary step towards homeownership.
Dr Jennifer Harris, Head of Policy, Research and Social Impact at The Dispute Service (TDS) Group, says: “Our research highlights just how much the private rented sector has changed.
“What was once a sector associated particularly with students and younger people is now home to a much wider range of households, many of whom expect to remain renters for the long term. It is important that housing policy keeps pace with that changing reality.
“But the clearest message from the findings is the lack of choice many renters feel they have. Three quarters would like to own their own home, yet more than four in ten expect to rent for life, while over half would like to move from their current property but feel unable to do so.
“Reforms to improve renters’ experiences and rights are important, but ultimately we also need to address the shortage of housing options available to people. A significant programme of housebuilding across all tenures – including homes for ownership, private rent and social housing – will be essential if we are to give people genuine choice over where and how they live.”
This article is taken from Landlord Today