The pandemic has spurred on renters to buy

12 February 2021 | General

A quarter (26%) of tenants say lockdown has made them more motivated to buy their own home, research from Aldermore Bank has found.

The pandemic has made it especially tough for UK renters who don’t have a large amount of space in which to self-isolate.

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.”

Nearly half (45%) of renters say owning a home is a life goal of theirs, with one in four (26%) actively saving for a deposit currently, with the greatest intentions being among renters in Northern Ireland, Greater London, and the South East.

The biggest obstacle for home ownership according to renters is raising a deposit (30%), affordable house prices (17%) and high rent costs (13%).

This post has originally been featured in Property Wire.