Much has been written about the rise in the number of people renting rather than buying their home but, according to the latest English Housing Survey (EHS), 58% of renters fully intend to buy.
This is good news for anyone feeling the effects of low transaction volumes, a homeowner hoping to sell, or move up the housing ladder, or any of the various traders and suppliers involved in the home-moving process.
Of those currently renting who intend to buy, 26.5% plan to do so within the next two years, according to EHS. That’s a potential 641,000 brand new buyers, or 320,000 per annum – which would be a healthy boost to the 2018 total of approximately 800,000 sales in England.
And these renters are thinking ahead. Over 40% of them anticipate renting for another five years or more, but buying remains the aspiration for the majority of renters.