Appreciating value and equity build-up are the main benefits for property homeowners in the UK according to a recent survey from BLP Insurance, a specialist residential warranty and commercial latent defects insurer.
This was considered the case among almost half of respondents (46%), and was particularly prevalent among over 55s (56%) compared with 18-34 year olds and 35-54 year olds (35% and 45% respectively). Other popular benefits included inheritance and legacy for children (42%), not having to share living spaces with strangers or housemates (41%) and ownership being a reflection of ambition and success (30%).
The survey, conducted online with Opinium, also revealed that nearly a fifth of respondents (18%) considered potential rental income to be a main benefit, with a further 17% citing property ownership as a risk-averse investment.
With consideration to the rental market, almost 18% of those people who took part in a separate BLP tenants survey have faced mould-related issues, closely followed by plumbing and heating problems (17%), cheap fittings and furnishings (16%) and noisy or untidy housemates (11%). Issues with landlords were also common, with one in ten (10%) experiencing invasions of privacy and 8% being involved in a dispute over a deposit. Not having to deal with the related costs and responsibility of property maintenance was considered the most popular benefit of renting (37%).
Kim Vernau, Chief Executive at BLP Insurance, said: “With prospective first-time buyers struggling to get their foot on the housing ladder and no quick fix in sight, it’s more important than ever that the standards of rental accommodation are addressed. “In an otherwise uncertain housing market, the UK Build to Rent (BTR) sector is going from strength to strength, which is encouraging because it has a vital role to play in resolving the issues faced by renters. Over a third of Brits (36%) find deposit size to be the main barrier to ownership in the next decade. BTR offers affordable access to quality housing, with greater accountability to tenants on the part of the housing provider compared with traditional landlords. It’s fast becoming the torchbearer within the rental market, helping people avoid the issues presented by rogue landlords and sub-standard living conditions.”