The capital’s commute poses a barrier against potential homeowners, a new Landbay study found, especially when journeys are elongated between home and work.
On average, people in the UK take up half an hour to reach daily destinations, like work, with London experiencing an extra 10 minutes.
This is due to a multitude of reasons, from a general high reliance on public transport (about 70% of renters) to the capital’s bustling nature.
It’s unsurprising, then, that research by Landbay, a buy-to-let mortgage marketplace, shows that many chose to factor in travel durations as the main concern when making the move from renters to new homeowners.
The majority has revealed that they’d out-right refuse to locate somewhere else if it entailed another 17 minutes being added to their journey.
Less than 10% don’t view it as a problem.
However, it’s relevant to consider other reasons behind people’s preference for renting.
Flexibility and relative affordability are only two aspects that would easily top the list.
According to the British Property Federation, build-to-rent developments have been on a 40% rise recently, which perfectly befits the significant population of young Londoners who are currently unable to afford a home.
Robert Jenrick, the Secretary of State for Housing, Communities and Local Government, recently commented that he was not in favour of rent controls, which was previously pitched.
“As I said, that has proven to be very negative for both landlords and tenants in the past, and I do not want to see any move in that direction.”
Interestingly, London remains to be the most inclusive UK city in terms of residents planning to buy a home at one point.
Millennials comprise a large percentage of 64% for those who are eager and willing, compared to 46% of middle-aged people and 13% of those above the age of 55 years old.
Words: Zaina Emad | Photo credit: Free Images