Research shows three in 10 younger Brits prefer to rent than buy

The research, conducted by rental brand UNCLE, has delved into British renters' stance on renting vs homeownership.

Being financially stable enough to get a foot on the property ladder is a huge factor when it comes to buying a home. However, UNCLE’s research found that a quarter of Brits (25%) overall said they can afford to buy a home, but much prefer renting. This comes after further research found renting is £300 cheaper on average than buying a home3.

And it’s the younger demographic who are most likely to prefer renting, with 32% of Gen-Z (aged 18-24) year olds and 31% of young millennial (aged 25-34) respondents claiming they can afford to buy a home, but prefer renting.

So, what is it that the younger demographic loves most about renting? Young Brits claimed their top reasons for being pro-rent, are:

1. Great transport and commuter links (33%)
2. A community feel (32%)
3. Not being tied down to a specific location (27%).

Beth, 29 from Leeds, has rented apartments in the city all her adult life: “If I wanted to, I would be able to buy a home but it’s not something I am looking to do. I love the flexibility of renting. I feel safe and secure when I’m home alone, and I love the added extras of renting, including the gym.

"I also like that if anything breaks or goes wrong in my flat, then someone else will fix it for me!

“I live within walking distance of my work and the city centre, and you don’t tend to get that close proximity when buying a home. I have seen my friends go through such difficult times and stresses with homebuying, especially in cases where they have bought a home with a partner and then broken up.

"I’d consider moving out and buying a home if I ever have children, but I’m really happy where I am and definitely not looking to buy anytime soon.”

Ryan Prince, founder of UNCLE, said: “There are misconceptions when it comes to the cost and hassles of renting vs homeownership in the UK.

"Many people believe that owning a house is the obvious answer, but in fact the built-in perks, convenience and benefits of renting often outweigh the costs and hassles of buying a house and the uncertainty around mortgage rates.

"It’s not surprising to us that this research shows renting is such a desired choice for many Brits. There are so many freedoms associated with renting, such as not being tied down to a property or specific location, the shared community of an apartment building, and all the perks that come with living in an apartment block, and this is at the forefront of our ethos for UNCLE.

“Our mission is to “take the ‘lord’ out of landlord” and provide a safe, comfortable, and welcoming home for our residents. With developments located across London, Manchester and most recently Leeds, all our properties are thoughtfully designed, with amenities such as gyms, cinemas, co-working spaces, and even bowling alleys, to further enhance our residents’ experience.

"For anyone who loves all the perks of renting, without the cons of bad landlords, UNCLE is for you. It’s renting, as it should be.”

To find out more about UNCLE, and to book a viewing, please visit www.uncle.co.uk