On Wednesday, 20 November, members of the Landlord Leaders Community gathered to explore a question deeply rooted in the British psyche: Why do we aspire to own our homes? The event highlighted findings from new Bricks to Belonging psychological research commissioned by OSB Group, uncovering the motivations behind the nation’s homeownership dreams and the implications for the private rented sector (PRS).
In the UK today, 50% of adults are either homeowners or on the path through mortgages, yet a significant 36% remain renters. These statistics underscore a strong desire for ownership that transcends financial considerations, revealing deeper psychological and social motivators.
The research revealed three critical motivators, which were discussed at the event:
- The tenant-landlord relationship: This relationship is pivotal. Positive interactions foster tenant satisfaction, while negative experiences often amplify distrust and lack of empowerment.
- The psychology of ownership: Homeownership is intertwined with identity and status. People see their possessions as extensions of themselves, making control over their environment—like the ability to decorate or modify—essential to their sense of stability and self-expression.
- The desire for control: The inability to make decisions in rental properties, such as hanging pictures or painting walls, significantly impacts renters’ sense of autonomy. This lack of control drives the aspiration for ownership.
The research showed that renters and owners report similar levels of housing satisfaction. The key difference lies in control—homeowners can tailor their spaces, while renters face restrictions.
A call for better relationships
Discussions at the event reinforced the importance of fostering collaborative relationships between landlords and tenants. Attendees highlighted the psychological contract underpinning these relationships. Simple gestures like timely repairs and open communication can transform the tenant experience.
However, challenges persist. Property managers often juggle high caseloads, leading to strained relationships when they are intermediating on behalf of a landlord. Event participants noted that accredited landlords and agents tend to provide better service, suggesting regulation and education could elevate standards across the sector.
What's next for the PRS?
The Renters Reform Bill loomed large over discussions, promising to reshape dynamics between tenants and landlords. Attendees debated its potential to balance power while emphasising the need for proactive landlord engagement.
The event underscored the importance of understanding tenant needs and fostering trust to create a thriving PRS. The Landlord Leaders Community will continue to understand the opportunities and challenges the industry faces to create a thriving sector for all.
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