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One in four non-homeowners don’t want to buy a property

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10/01/2020
Some people prefer to rent while others believe property is too expensive for them purchase
One in four non-homeowners don’t want to buy a property

Only 63% of people who don’t currently own a property want to buy their own home in the future according to research from Engen Group.

The UK based innovation and property business found that one in four (23%) do not want to own their own home, and 14% are not sure.

Of those that don’t want to own their own home, 52% say it’s because they prefer to rent, and 28% say they used to own property but would now prefer not to now.

A further 14% say it is too expensive to buy, and 7% think they are now too old to do this.

Family ties

Of those adults currently living at home with family, 32% say its because they can’t afford to move out, but one in five (21%) say they have no desire do to buy a home.

One in five (19%) say they are only living with family members on a temporary basis as they are saving for something specific such as deposit for a house or to go travelling.

Graeme Boiardini, CEO of Engen Group, said: “Our research shows that not everyone who currently doesn’t own their own home wants to in the future, with many preferring the flexibility of renting. However, there are still many who want to get on to the property ladder but can’t because of the cost.

“Sadly, some people also seem to have given up because of their age, believing they have left it too late to secure a mortgage, for example.”

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