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Londoners spend the shortest amount of time renting a place before they buy their own home. According to new research, the average Londoner expects to spend around 12 years living in a rented home.
Across the whole of the UK, the average time expected to rent before buying is 15 years and two months.
More than 2,000 adults were quizzed by Opinium on behalf of landlord insurer Direct Line for Business.
The research, which revealed that, unsurprisingly, London has the highest proportion of renters of anywhere in the UK, its 2.7 million tenants making up a sixth of all renters in the UK.
Renters revealed that affordability is the main reason they stick with renting – in 2017, the UK’s first-time buyers paid on average £207,693 for their first property, more than twice the average price paid five years earlier of £138,663. That’s an increase of almost £70,000 or around £1,150 a month in five years.
Christina Dimitrov, business manager at Direct Line for Business, said: “The UK housing market continues to change, and we are seeing a major attitudinal shift when it comes to renting.”
Fran is the content writer for Capital Conveyancing, producing articles on all aspects of the conveyancing process and around the UK property market in general. If there is a topic you'd like to see covered on these pages, please drop Fran a line on [email protected]