There could soon be more renters in the UK than homeowners. This revelation comes following research conducted by the UK’s biggest specialist residential landlord, Grainger. It believes that in only 15 years time, renters will outstrip homeowners.
Over 2,000 people were polled about their attitudes towards owning versus renting, and the results demonstrate that the UK’s long-standing love affair with home ownership is definitely shifting. A startling 67 per cent agreed that in light of the current economic conditions renting was now the viable choice for many people.
Even more incredibly, 54 per cent thought that in 15 years time, those renting will outnumber those owning their homes. Respondents admitted that the stigma of renting vis-a-vis owning is rapidly dwindling.
Nick Jopling, executive property director of Grainger, said: “There is a new housing reality dawning on Britain: the financial crisis has tightened mortgage lending; house prices continue to be uncertain; and, frankly there are simply too few homes for the demand.
“More and more people are renting with many considering renting as an important stepping stone in housing tenure. Young people now consider renting as a step towards home ownership and for as much as 92 per cent of young people it is seen as the only way they can move out from their parents’ homes.”