Survey: One in five tenants delay property purchases

New figures from The Mortgage Lender (TML) reveal that 19% of tenants are postponing property purchases due to the current housing crisis. The survey shows that 12% of tenants plan to continue renting until house prices fall, while 10% are waiting for mortgage rates to decrease. Furthermore, 9% believe there is no point in looking to buy until rates come down, and 6% are waiting to see the Bank of England's next decision on interest rates on 3 August before making a decision. Despite the challenges, 6% of tenants are still progressing with their home buying plans but are having to make significant compromises. This includes 25% buying away from traditional commuter towns, 32% moving further from city centers, and 16% opting for areas with cheaper living costs to offset expensive mortgages. Additionally, 21% are buying cheaper properties requiring more renovation work, and 12% are considering smaller properties instead. 

Daily Mail (25/07/2023)