Here are several reasons why tenants are choosing to rent instead of buy:
Cost of living crisis
As a result of the crisis, it is much more difficult for first-time buyers to save their deposits and so people are having to rent for much longer.
Additionally, interest rates have been on the rise which means that first-time buyers are now delaying their decision to buy properties and instead choosing to rent for longer.
There is a growing number of people who believe that they will not be able to make it on the property ladder. Instead, they are deciding to invest in travelling and life experiences rather than a mortgage.
Patient for the future
Many potential homebuyers are willing to wait to see what happens to the property market in the future. This means that more people are choosing to rent in the meantime as they wait to see whether house prices increase or decrease.
The information in this post is valid to the best of our knowledge on the date of posting. It is advised that you seek independent advice based on your individual circumstances.
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