Help to Buy prompts third of renters to buy in 2014
One third (32%) of renters in the UK are planning to buy their first home in 2014, a 6% increase compared with 2012, according to Rightmove.
Nearly a quarter (24%) of those say they are looking to buy as a direct result of phase two of Help to Buy or have brought forward their plans to buy because of it.
Renters in London and the South East are most keen to move with those in the North East and Scotland are least likely.
Of those renting, over half (58%) are ‘trapped renters’ who would like to buy but can’t afford to.
More landlords due to buy-to-let mortgage availability combined with fewer tenants as some become first-time buyers looks set to create a flat picture for both demand and rental prices in 2014.
Nearly a quarter of renters (24%) who are planning to buy say they have been prompted to do so by the introduction of phase two of the Help to Buy scheme. One in five people (18%) currently living with their parents but planning to make the move to home ownership have also been influenced by the scheme.
Published by AMY LODDINGTON