Property News > Renters more motivated to buy as a result of the pandemic

Renters more motivated to buy as a result of the pandemic

26% of those currently in rented accommodation in the UK say the pandemic and the subsequent lockdowns have spurred them on to buy their own home, new research from Aldermore Bank has found.

Renters who don’t have a large amount of space have found the pandemic especially tough, particularly if they have had to self-isolate or work from home for extensive periods. 

Jon Cooper, head of mortgage distribution, Aldermore, said: “The experience of lockdown has focused renters’ minds to work towards owning a home more than ever before, but it is clear from the data that renters see credit issues in their past as a problem for them.

“And with many dealing with furlough and reduced incomes recently, it is understandable they may feel the dream of home ownership is far from reach.

“However, the challenges they face are not as large a barrier to buying a home as it may have been in the past.”

The research revealed that home ownership is a life goal for 45% of renters, while 26% are actively saving for a deposit. Renters in Northern Ireland, Greater London and the South East are currently most intent on buying. 

Meanwhile, renters say that raising a deposit is the biggest obstacle currently getting in their way, cited by 30%, followed by affordability and high rent costs eating into their funds, cited by 17% and 13% respectively. 

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