A third of UK private tenants are 'frustrated buyers'

A third of UK private tenants are 'frustrated buyers'

Around a third of the people in the UK who live in rental property currently in the UK say they would like to buy their own home and have stayed in rented accommodation for longer than they expected to. 

Credit check company Experian carried out a survey into the attitudes of tenants across the UK and found that as many as 1.66 million private tenants are actually frustrated buyers, who are not able to get themselves onto the property ladder. 

Some 18 per cent of respondents said their main reason for still living in rented property is that they feel they would not be accepted for a mortgage if they were to apply. A further ten per cent said their attempts to save towards a deposit have not been successful and they would need to delay their plans as a result. 

"Many would be first time buyers face the challenge of saving for a deposit on a home while paying rent each month," said Jonathan Westley of Experian.

In addition to this, five per cent of respondents said they have simply been held up when it comes to getting their mortgage finalised. 

As many as 25 per cent of people currently renting in the private sector said they would be looking to buy a home sooner rather than later. Nine per cent said their saving for a deposit was at a stage where they felt they would be able to buy in the next 18 months, while 16 per cent believe they will be in a position to become a homeowner in between two and five years time. 

However, while it's true that there are many people who are frustrated in their attempts to get onto the property ladder, Experian said there are also large numbers of people who are happy to live in rented accommodation for the long term, with no intentions of buying within the next five years, largely because of the freedom and convenience of renting over buying.