Three quarters (75%) of renters in the UK would considering buying a property, but not if it significantly lengthened their commute, a new study has found.
A survey of 2,000 private renters by Landbay revealed that on average, commuters will only consider switching from the private rented sector to homeownership if their journey time would not increase by more than 17 minutes.
The research also highlighted the importance of parking spaces to commuters when weighing up places to live. Only a quarter of renters across the UK use public transport to get to work, although this rises to 70% among those based in London.
The average time it takes for renters to commute to work is 30 minutes. The shortest average commute time was in the North East (21 minutes), while London had the longest time to get to or from work (40 minutes).
Just 6% of renters are keen to buy regardless of what it would mean for their commute. One in ten (10%) would consider buying if their commute increased by 30 minutes or more, demonstrating that having to move “further out” is not seen as a viable solution for many renters who are keen to purchase their own home.
“The assumption that buying a home is the be-all and end-all for renters is an outdated one,” said John Goodall, CEO of Landbay.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.”