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REAL ESTATE

Half of Londoners forced to stay in rental market for a chance to live in the capital

London Capital

20 million across UK must rent to secure the location and quality of property they want – 27% look to cheap buy-to-lets so they can invest in property without sacrificing where they live

New research among 2,000 UK adults commissioned by virtual letting agency LetBritain has revealed the sentiments of Generation Rent towards the Government and property market, finding:

  • 67% of UK adults – 34.4 million people – feel the Government is out of touch with the wants and needs of Generation Rent
    • 70% say the banning of letting agent fees is just the tip of the iceberg and more must be done
  • Half of Londoners (49%) choose to rent their home in the capital so they can live in a higher calibre of property than they could possibly afford to buy
    • 39% of UK adults – 20 million people – opt to rent so they can live in a nicer property than they could have any chance of buying
  • 42% of Londoners would buy a cheaper property in another part of the country so they can invest in property without having to leave the capital
  • Three fifths of UK adults – 61% or 31.3 million people – do not think the Government is doing enough to help Generation Rent get onto the property ladder
    • 64% (32.86 million) believe life for UK renters is going to become more difficult over the coming five years

UK renters feel the Government is out of touch and doing little to support their ambitions to get onto the property ladder, according to new research by online letting agent LetBritain.
 
An independent, nationally-representative survey of 2,000 UK adults revealed that
67% of people feel the Government is out of touch with the wants and needs of the country’s private renters, with 70% saying the banning of letting agent fees is merely the tip of the iceberg and more must be done. Furthermore, 61% said they do not think the current Government is doing enough to help Generation Rent become Generation Buy, while 64% of UK adults (32.86 million people) feel that life will get worse for tenants over the next five years.
 
LetBritain’s research also found that 20 million people in the UK – 39% of adults – lack the finances to purchase the calibre of property that they currently reside in, and are therefore forced to rent their home. This figure jumps to 49% among those in London.
 
In order to counteract this issue, 27% of people said they would invest in a cheaper buy-to-let property in a different part of the country to where they live, enabling them to earn additional income while not having to compromise on the place where they wish to live. This trend was particularly pertinent among Londoners; 42% of people in the capital said they would buy a cheaper property in another part of the UK so they can benefit from the rental income they would accrue without having to leave the city.
 
Fareed Nabir, CEO of LetBritain, commented on the findings:

“With more and more people across the UK coming to rely on the private rental sector, the results of today’s research are concerning. Whilst many renters are working hard to enter the property market, they clearly do not feel the Government understands the issues faced by tenants. Interestingly, the findings show that Generation Rent is now increasingly looking to buy properties outside of their chosen place of residence so they can still get onto the property ladder without having to sacrifice the location or quality of the property they wish to live in.”

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