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Who are the nation’s tenants, what do they feel about renting and what are their ambitions to buy? Our new UK Tenant Report answers some of these questions.
Based on a survey of over 2,000 residents of the UK’s private rented sector, the report finds that tenants are a diverse group of people, encompassing all ages and the socio-economic spectrum.
The report finds that whilst there remains a strong demand to buy, tenants are happy with their home and their landlord:
The report also found that despite the challenging economic environment, tenants feel confident about remaining in their job (93%), being able to afford their rent (92%) and being able to afford the essentials in life (86%). In terms of priority of payments, 88% of tenants would prioritise rent payment over other bills.
Nearly two thirds of tenants would like to own a home, but the ability to do so is being hindered by a lack of active savings. Over a third (35%) of tenants said they were actively saving to buy a home, something that differed significantly between age brackets.
Four in 10 (44%) of those in the 18-34 age group are actively saving, falling to 31% of those aged between 35 and 54 and 11% for those aged over 55. This suggests that the PRS will be a long-term home for those in older age brackets as they don’t actively save towards a house deposit. We cover this in more detail in our report – The Middle Aged Tenant Squeeze.
Paragon Bank Managing Director of Mortgages Richard Rowntree said: “Contrary to the myth about reluctant renters, our research shows that tenants, on the whole, like the property they live in and have a good relationship with their landlord. Of course, many want to buy but there is a disconnect between intention and ability to save for a deposit, and the PRS is there for people who want or need to rent a home.
“In order for it to remain so, landlords need to be incentivised to continue to finance the sector, through both a proportionate taxation system and balanced regulatory environment. Tenants are the group that will suffer through a lack of choice and higher rents if supply into the PRS isn’t expanded.”
Head officeParagon51 Homer RoadSolihullWest MidlandsB91 3QJ
Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551