The Deposit Protection Service recently carried out a survey covering 1000 tenants who have deposits lodged with them. They were asked if they had any intention to buy a property and 38.4% replied that they had no intention of buying a property.
Of those that do hope to buy 25.5% hope to do so in the next 6 months while 62% hope to do so within the year.
The Managing Director of the DPS, Julian Foster said “Renting is a vital part of the housing sector, and a significant proportion of the UK population choose to be tenants as it better suits their life plan or lifestyles. “The UK needs a flexible residential sector that suits the varied life choices and priorities of our diverse population, and the rental sector plays an important role in providing people with real housing options.”
Whilst this is obviously great news for Landlords and Agents alike you have to wonder if this is a little bit of a time bomb waiting to go off long down the road with “Generation Rent” reach retirement.