A new study has found that three out of four renters in the United Kingdom would like to buy a residential property, but only if it did not excessively lengthen their travel time to work.
2000 private renters were surveyed by Landbay. The survey revealed that on average, most would only consider buying a home if it meant an increase to their journey time of 17 minutes or less.
In the UK the average commute is half an hour. The North East has the shortest average commute with 21 minutes. Londoners average 40 minutes to get to work.
The survey revealed that one in ten renters would consider buying their own home if it would lead to an increased travel time of 30+ minutes. 6% of renters want to buy a home irrespective of the impact on their commute. What this means is that many will stay in the rental market for longer, rather than moving further out in order to buy sooner.
“The assumption that buying a home is the be-all and end-all for renters is an outdated one,” said John Goodall, CEO of Landbay.
“People want their home to be flexible and appropriate to their lifestyle, which in a world of 24/7 working and shorter stints in each job means that renting is a preference, not a second choice. For aspiring landlords this research underlines the importance of buying in the right location. Being within easy distance of major employment hubs is something that should always be considered in the search for a buy-to-let property.”