Landlords may be interested to read that, according to the NLA Quarterly Tenant Panel – Q2 2016, a significant percentage of people living in rented accommodation would be prepared to relocate in order to purchase a home.
This probably does not come as a surprise as there must be an awful lot of tenants that would love to own their own private residence for a variety of reasons. For instance, when you own your own property, you may see its value increase and you are able to decorate it how you like which may not be the case with a rented property. You may also require more living space perhaps due to the birth of a child which, if you are renting, is likely to mean that you need to find a larger property to rent whereas, if you own your home, an option may be to extend it.
According to the above panel, 29% of people taking part in the survey, of which there were 941 respondents, said that they would consider relocating to a different city or town here in the UK so that they could purchase a property in which to reside. A further 27% of tenants said that they would definitely relocate so that they could purchase a home.
It is particularly interesting to read that 44% of tenants were not interested in relocating so that they could purchase a property in which to reside. This could be for a number of reasons although it is also interesting to hear that 22% of tenants were not able to get a mortgage to help buy a home and 47% could not get a deposit together towards the purchase price of a property.
The regions in the UK that had the highest percentage of tenants that would definitely relocate were London and the South East that both had 40%. The region that had the biggest percentage of tenants that would consider relocating was London with 47%. The region that had the greatest percentage of tenants that would not relocate was the East Midlands with 59%.
We trust that landlords have found the above to be of benefit in some way.