Majority of UK Tenants Would Move Away to Purchase Their Own Home

Majority of UK Tenants Would Move Away to Purchase Their Own Home

The latest poll of private renters has found that more than half of UK tenants would move or at least consider a move to a new town or city in order to purchase a home of their own.

The National Landlords Association (NLA) conducted the research and discovered that 27% of tenants would choose to relocate in order to purchase a property, while another 29% of those surveyed said that would consider doing so.

Conversely, this means that 44% of tenants said that they would not move to another town or city even if doing so meant that they would be able to afford to buy their own home.

Most open to the idea of moving away to buy a home were London tenants, with some 87% of those surveyed in the capital saying that they would move or consider a move if it meant they could buy their own home.

On the other hand, East Midlands tenants were the least keen on moving away with only 14% saying they would be willing to relocate in order to buy their own place.

The study also found that 47% of tenants surveyed said that they could not afford a deposit for a new home, with 22% not able to access mortgage finance to buy.

The latest results of this survey come at a time when the most recent English Housing Survey found that there are now more private rented homes that meet the decent homes standard than at any time before, with a higher proportion of energy efficient properties and less overcrowded properties.

NLA Chief Executive Officer, Richard Lambert, said: “Home ownership is out of reach for so many people, so the idea of upping sticks and moving to a new town or city in order to buy their own home is becoming more and more appealing.”

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