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Home buying barriers frustrate 1.7m tenants

first_imgHome » News » Housing Market » Home buying barriers frustrate 1.7m tenants previous nextHousing MarketHome buying barriers frustrate 1.7m tenantsA third of private renters spend longer waiting to get on the property ladder than planned.The Negotiator20th January 20160803 Views One in three private tenants has put their plans to buy on hold and remained in rented accommodation longer than planned, according to Experian research.Home ownership has been considered an integral part of ‘The British Dream’ for generations, yet Experian’s survey of nearly 1,500 private tenants in the UK suggests 1,655,680 tenants are frustrated first-time buyers.18 per cent private tenants don’t believe they would be accepted for a mortgage so feel renting is their only option, while 10 per cent have struggled to raise a deposit, delaying their plans to buy. A further five per cent have had to prolong their time renting as they’ve been held up in securing a mortgage.Despite making regular payments for their housing, private tenants don’t see this reflected on their credit report in the same way mortgage payers do. To help them get a mortgage, access finance or prove their identity online, Experian has developed the Rental Exchange.Experian’s Jonathan Westley (left) said, “Many would-be first-time buyers face the challenge of saving for a deposit on a home while paying rent each month. While our research also shows that a significant amount of people are happy to rent in the long-term, whether it’s because they enjoy a good relationship with their landlord or the flexibility of rented accommodation.“Yet the rent paid by tenants isn’t reflected on credit reports in the same way homeowners benefit from making regular mortgage payments. By adding this data through the Rental Exchange, people aiming to buy can build a stronger credit history to help them get a more competitive mortgage rate, while long-term renters can prove their identity when they apply for online services.”A quarter of those surveyed intend to buy a home sooner rather than later. Nine per cent are currently saving for a deposit and believe they will buy within the next 18 months, while 16 per cent think they need two-five years to build up the required deposit. A third of private tenants are content to rent.For further information visit: experian.co.uk/rental-exchangehome buying private tenants Experian Experian research first-time buyers January 20, 2016The NegotiatorWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img read more