Homeownership less important to Brits, possibly boosting rental sector
Fewer British people see owning their own home as being essential to their standard of living, which could be good news for buy-to-let investors.
According to the results of a survey from Scottish Provident, just 51% of Brits thinking that owning their own home is critical or very important to their standard of living. Many people said that they would prefer to save for a large purchase, such as a deposit on a property, rather than take out credit.
The biggest change was in the 55 to 64 years age group. In 2003 61% said that owning their home was an essential part of maintaining a good standard of living. The number is now down to 44%
Susan Barclay, head of marketing at Scottish Provident, said: "These findings underline how there is far less desire to get onto the property ladder than there once was."
This could be good news for buy-to-let property investors as more people may choose to rent rather than buy.
Figures from the Find a Property Rental Index for November revealed that properties are being let on average 16 days faster than in January 2009 and the market has experienced seven consecutive months of average rent increases.
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