63% Increase in the UK looking to Rent To Own
Discover the rising trend of ‘Rent-to-Own’ in the UK
Are you on the path to homeownership but find traditional routes a bit daunting? You’re not alone.
The ‘Rent-to-Own’ option is gaining momentum, and the latest Google Trends data from the UK is here to prove it.
With an impressive 63% increase in searches over the last decade and a 13% spike in just the past year, it’s clear that many are turning to alternative home-buying methods.
Dive into our insightful analysis to uncover the reasons behind this surge, from economic shifts to market trends, and see why ‘Rent-to-Own’ might just be the future of homeownership.
Don’t miss out on understanding this significant shift – read on to learn more about what’s driving the change and how HomeNow can benefit you with our No Deposit, No Problem home ownership model.
General Trends
Overall Increase in Interest:
Over the last decade alone searches of “rent to own” have increased by 63% & within the last year searches have jumped by 13%.
This suggests a growing awareness and interest in alternative home-buying methods, which is a positive sign for HomeNow.
Significant Peaks in Recent Years:The data shows substantial peaks in 2019 and 2020 which corresponds with record relative House Prices in the UK, with the highest recorded interest in December 2019. This could be due to various factors, such as changes in the housing market, economic factors, and increased marketing of rent-to-own schemes.
Seasonal Fluctuations
Winter Peaks:
There seems to be a tendency for search interest to peak during the winter months, particularly in December. This might be attributed to people considering housing options at the end of the year or aligning with New Year resolutions about homeownership. This coincides with the ‘boxing day bounce”- the increase of 50% Zoopla see’s in property searches every year.
Spring and Autumn Interest:
Moderate interest levels are often seen in spring (March-April) and autumn (September-October), possibly correlating with housing market trends where these periods are traditionally active for buying and selling as buyers reassesses their finances at the end of the year or after a period of reflection over a glass of wine on their summer holidays.
Stability in Recent Years: Post-2020, while there’s a slight decline, the interest levels remain relatively high, indicating sustained interest in rent-to-own options. This likely matches a fall in interest during the long recovery from COVID.
Notable Declines
Initial Years (2004-2008):
The initial years show low and inconsistent interest, this is likely to be due to the relative immaturity of the rent-to-own concept and a general lack of awareness and availability of rent-to-own options.
Mid-2010s Variability:
There’s a period of fluctuation in the mid-2010s, where interest levels vary considerably, potentially reflecting market uncertainties or varying public perception of rent-to-own schemes.
Conclusion
The data suggests a growing and sustained interest in rent-to-own options in the UK. For HomeNow, this presents a valuable opportunity to engage with an expanding market. By aligning marketing and educational efforts with the observed trends and seasonal fluctuations, HomeNow can effectively reach and assist more individuals in realising their dream of homeownership.
Source: Google Trends