Less than half (42%) of people renting privately in the UK want to buy a property in the near future, new research has suggested.

This figure dropped to just 13% for tenants over the age of 55, the survey of 2,000 private renters by Landbay found. For 35 to 44-year-olds, 46% were interested in buying a home, whilst among Millennials, almost two thirds (64%) were keen to buy.

There was also a notable gender discrepancy, buy-to-let focused marketplace lender Landbay found. Some 47% of women were keen to purchase a property, compared to just 34% of men. Women who wanted to buy were more likely than men to want to invest their money rather than pay rent (48% versus 39%).

The number of people planning to buy was highest in London, at 48%, and Northern Ireland, at 47%. Those in the south west and Wales were least interested, both coming in at 37%. Landbay pointed out that this was especially surprising given the relatively low house prices in these areas.

For those who were not interested in buying overall, 25% highlighted the flexibility that renting offered as a major positive, with 6% planning to move to a new country in future, and 5% intending to move to a new city or a new job.

Landbay CEO John Goodall commented: “This research suggests the UK’s enthusiasm for home ownership may be waning. Conversations around the private rental sector often assume the bulk of renters are simply biding their time until they can buy a house. However, the changing face of employment and a thirst for flexible living mean renting is more attractive than ever, and landlords should reflect this in their interactions with tenants.”

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