The UK rental market is witnessing a seismic shift in attitudes towards homeownership. A recent study by Go.Compare Home Insurance reveals a complex picture of hope, despair, and pragmatism among renters.
At David Harris & Co, we work closely with landlords and tenants in Finchley, and across North London. We know there is optimism amongst many people in the local area, but for many, the rental market is a challenging one. It is interesting to see insight from across the country, and we use this alongside our local knowledge to provide you with the best standard of service, no matter what you’re looking for.
Despite 60% of non-homeowners believing they'll never own property, a surprising 76% still consider homeownership important. This paradox highlights the enduring appeal of property ownership, even as it seems increasingly out of reach.
This is positive news for landlords, but we don’t believe renting is a bad outcome. Our dealings with tenants indicate many people enjoy renting, and the benefits it offers. We’ve learned that every client is different, and the right solution for one person or household is unsuitable for another.
We’re here to help you achieve the best possible outcome for your needs, so if you would love to own a home but feel it is out of reach, come and speak with us to determine your next move.
With an average salary of £59,307 needed to buy a UK home, the dream feels distant for many. Shockingly, no industry in the UK offers an average wage meeting this threshold, according to ONS data.
Renters cite various reasons for losing interest in homeownership:
30% view it as too big a commitment
28% find renting easier
22% have other financial priorities
17% believe renting offers better value
14% fear potential losses due to house price fluctuations
We serve both landlords and tenants, and we know this information means different things for both parties.
For Tenants:
Long-term renting may become the new norm
Consider exploring rent-to-own schemes or shared ownership
Focus on building savings and improving credit scores for future opportunities
For Landlords:
Expect a stable pool of long-term tenants
Consider offering longer leases for security
Invest in property improvements to attract quality, long-term renters
As homeownership becomes less attainable, the rental market is likely to evolve. We might see:
More professional landlords and build-to-rent developments
Enhanced tenant rights and protections
Innovative financing models bridging renting and owning
While the path to homeownership narrows, the rental market is poised for transformation. Both tenants and landlords should stay informed and adaptable in this changing landscape. We are happy to help, and our track record in bringing landlords and tenants together means we are well placed to help you meet your goals, whatever they are.
Nathan Blackler is a home insurance expert at Go.Compare, and he said: “It’s disheartening to find that the majority of renters and residents who don’t yet own a home don’t believe they ever will due to the current economic climate and the shape of the housing market. Despite this, it’s still a goal that most want to achieve, which is why more needs to be done about the issue. Our research has shown that it’s simply unattainable for the average worker to be able to afford, and many non-homeowners believe that the government needs to step in to help first-time buyers get on the property ladder. Whether that is achieved through subsidised house prices, stamp duty relief, or improved government schemes such as help-to-buy ISAs, shared ownership or 99% mortgages.”
We have assisted many Finchley homeowners and landlords looking to let their property, and we know what tenants are looking for when searching for rental accommodation. You can take the stress out of connecting with likely tenants by turning to a local letting agent in Finchley.
If you want to make an informed decision in and around Finchley’s lettings market, we are here for you. If you have any questions about the local rental market, or you need assistance, please contact David Harris & Co today. Call us on 0208 346 9122.
