Millions of Brits happy to rent forever

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rentingTo many people owning a home is crucial, and the thought of never being able to get onto the property ladder is daunting.

However, a new study shows millions of Britons have accepted that they will never own a home, and some are even opting to rent long-term as a lifestyle choice.

That's according to new research from FindaProperty.com, which found that a rented home doesn't carry the same stigma as it used to.

A quarter of tenants say they aren't worried about the prospect of renting long-term, while 38% don't feel that owning a property in the future is vital.

And while 61% rent because they simply can't afford to buy a home, a significant number say they choose to rent for flexibility and convenience.

Our lives are increasingly hectic and it's common to have to move cities for a job, while some people have to move because they've been made redundant. So under these circumstances, not being tied to a mortgage may be appealing.

That's not to say nobody aspires to own their own home, however. Some 54% of respondents said buying their own place was "very important" to them.

Rental prices reached an average £890 per month at the end of last year. Research recently found that mortgages are around £100 cheaper a month than renting.

Samantha Baden, property analyst at FindaProperty.com, said: "A rented home doesn't carry the same stigma as it used to. For many people, the decision to rent is based on the flexibility and convenience renting offers, and not necessarily because they can't afford to buy."

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