Date Published 11 March 2013
High house prices, the need for a hefty deposit and lack of access to mortgage finance have all undeniably contributed to the creation of "Generation Rent" but not everyone is stuck in the trap - 30% of UK tenants choose to rent rather than buy according to the latest data from online lettings agent Upad.
Indeed it may well be officially £120 cheaper to own your home today then rent (Halifax, Jan 2012) but bricks and mortar is never a simple numbers game and now nearly a third of UK renters actively choose this path because they don`t want the commitment of buying a property.
With the Upad survey also showing that nearly half of all UK tenants lose more than 30% of their salaries to rent, finding the perfect property is essential. 47% of tenants start looking for their next new home 2 months or more before they have to move and expect to see on average 16 properties during their search.
James Davis, CEO of Upad and hands on landlord for 14 years, said: "With rents escalating across the country, tenants are becoming increasingly fussy about the properties they rent and rightly so, living standards should be the same for owners and tenants alike.
"As a landlord I am always asked to provide prospective tenants with photos of the property and indeed this and other advertisement features rank highly in our survey with 93% of UK tenants believing photos to be either very important or essential, 72% stating distance to transport links and 58% a broadband connection."