{"id":32167,"date":"2019-11-08T15:59:52","date_gmt":"2019-11-08T15:59:52","guid":{"rendered":"http:\/\/thevoiceoflondon.co.uk\/?p=32167"},"modified":"2019-11-08T15:59:52","modified_gmt":"2019-11-08T15:59:52","slug":"londoners-reluctant-to-buy-homes","status":"publish","type":"post","link":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/londoners-reluctant-to-buy-homes\/","title":{"rendered":"Londoners reluctant to buy homes when longer commute is involved"},"content":{"rendered":"

The capital\u2019s commute poses a barrier against potential homeowners, a new Landbay study found, especially when journeys are elongated between home and work.<\/strong><\/p>\n

On average, people in the UK take up half an hour to reach daily destinations, like work, with London experiencing an extra 10 minutes.<\/p>\n

This is due to a multitude of reasons, from a general high reliance on public transport (about 70% of renters) to the capital\u2019s bustling nature.<\/p>\n

It\u2019s 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.<\/p>\n

The majority has revealed that they\u2019d out-right refuse to locate somewhere else if it entailed another 17 minutes being added to their journey.<\/p>\n

Less than 10% don\u2019t view it as a problem.<\/p>\n

However, it\u2019s relevant to consider other reasons behind people\u2019s preference for renting.<\/p>\n

Flexibility and relative affordability are only two aspects that would easily top the list.<\/p>\n

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.<\/p>\n

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.<\/p>\n

\u201cAs 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.\u201d<\/p>\n

Interestingly, London remains to be the most inclusive UK city in terms of residents planning to buy a home at one point.<\/p>\n

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.<\/p>\n

Words: Zaina Emad | Photo credit: Free Images<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The capital\u2019s 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…<\/p>\n","protected":false},"author":476,"featured_media":32171,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21,84,93],"tags":[],"class_list":["post-32167","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-london","category-news"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t