One in five (21%) of private renters – equating to 940,000 households – were asked to provide a guarantor when moving into their current property, the latest English Housing Survey data has revealed.

In addition, rental guarantor service Housing Hand says it saw demand for its guarantor services grow by 50% in 2023, while several months so far in 2024 have surpassed even that level of growth.

Graham Hayward, managing director of Housing Hand, said: “The fact that one in five have been asked to provide a guarantor shows the scale of demand for such services.”

Hayward added: “It’s great news that the new government has immediately set out to prioritise the urgent need for more affordable homes, with planning currently being a major constraint to building at a faster pace. 

“Labour’s plans to build 1.5 million homes are laudable but the properties aren’t going to spring up overnight.

“An accelerated national homebuilding programme will do much to help renters and buyers in the future. For now, though, renters must do all they can to secure the properties they need.”