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Buyers Rent for 7 Years Before Taking the Plunge

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Buy to Let  First Time Buyers  UK Property Market  Government Incentives 

Buyers Rent for 7 Years Before Taking the Plunge

By - Tuesday 25 February 2014

Buy-to-let investors across the UK have been told repeatedly since the start of last year that there's a chance their properties could come under pressure from the number of people buying their own homes, with demand in private lets likely to drop. Governmental incentives have meant more and more people able to get their own homes, and this has seen some commentators warn of uncertainty in the lettings sector. However, according to a new report, there are reasons to still be positive, as the majority of people still rent for years before they opt to buy.

The findings published by Santander Mortgages shows that the average amount of time people will live in a rented property before they make the move to buy their own home is seven years. The average household will spend £41,900 on rent before getting a mortgage for their own purchase. For 15 per cent of people surveyed, the time they spend renting property amounts to 11 years before becoming a homeowner.

For some, the change in attitudes seen in recent years has meant they now follow more of a European mindset, where they tend to rent for life and only few people ever actually buy their own home. These people, Santander said, will put some £296,000 into the pockets of investors throughout their lifetime through rental payments alone. It is a common theme in this day and age, with the traditional British need to own a home being somewhat less prominent than it has been in the past.

For those who are looking to get onto the property ladder, it can be cheaper, but for others, renting remains a favourable option thanks to the many positives associated. For example, there is far more flexibility when renting, no need to be tied to one area and in a time when people are more mobile than ever with regards to their employment, this is something that can be seen to be a real benefit.

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