Monday, 08 August 2022

More renters queuing up to climb property ladder

NEARLY one in three renters hope to buy their first property this year, a new poll suggests.

They have been largely inspired by the launch of the Government’s Help to Buy home-purchasing incentive scheme, the study by Rightmove showed. The property website found that 32 per cent of renters plan to buy this year, a six per cent rise compared to 2012.

Almost one in four of these claimed they were seeking to get on the property ladder because of the start of the Help to Buy scheme. This was especially applied to the second phase, which stimulates mortgage lending to potential buyers with small deposits. The survey of more than 17,000 people showed that renters in London and the South East were keenest to purchase.

A spokesman for Strutt and Parker, which has an office in Pangbourne, said that he has seen a marked change in attitude to renting in the past year.

Buyers coming out from London used to be much more tentative about committing to buy and were happy to rent to get to know an area before buying. With confidence having returned to the market, those same buyers, having done their sums and watching the market surging forward, are keen not to be left behind and so are much more focused on buying rather than renting.


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