More than two fifths of renters – 44% – would most like more cost-of-living support from the government to help with general finances and affordability.
While house prices may be experiencing a slowdown, rising costs and high inflation are evidently weighing on renters’ minds as they consider their living arrangements.
The research from TML also revealed that 30% would like to see lower interest rates, which may support them with their overall affordability and 27% would like to see improved quality controls within the rental market.
In addition, 26% of renters would like to see improved first time buyer support from government and 15% would also like to see more housebuilding to increase property stock.
Turning to sustainability and the UK’s Net Zero goals, almost a a quarter – 23% – of renters are keen to see greater government support in making energy efficiency improvements. However, with much of the responsibility falling to landlords to improve EPC ratings, this leaves little action renters are able to take themselves.
This wish list of what renters want from government corresponds with their overall sentiment when it comes to affordability. Indeed, 45% of renters said that the cost of affording regular household bills and other property expenses was their main concern, while 34% said that affording their monthly rental payments was their biggest worry.
Steve Griffiths, chief commercial officer at TML, said: “With many renters facing a series of challenges in their journey to homeownership, the rental sector has never been more important. But high demand continues to outstrip supply, ultimately pushing up rental prices, and the cost of living crisis plays a significant part in affecting consumers’ overall affordability.
“It is evident those who want to step foot onto the property ladder are seeking more support from the government in order to do so, whether that’s helping with shorter term finances or support for the wider property market to help increase access for new entrants. But with much uncertainty still around in terms of inflation and interest rates, there may well need to be some further intervention to help people achieve their property goals.”
Strange article, surely 100 of Tenants would want help from the government also throw Landlords in the mix as well.
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
MrManyUnits is quite right a strange survey indeed. Especially if you turn the results around. “More than two fifths of renters – 44% – would most like more cost-of-living support from the government to help with general finances and affordability” so 56% of renters don’t want help? “30% would like to see lower interest rates”. So 70% are in favour of rising interest rates that put up prices? At the same time can we believe that 74% of renters are not in favour of first time buyers being helped onto the property ladder and 85% are quite happy with current the poor property supply situation that keeps prices high and limits choice?
So if so many are so happy why are 79% (45% plus 34%) concerned about paying bills and rent?
The article conclusion is that “It is evident those who want to step foot onto the property ladder are seeking more support from the government in order to do so” You could argue not, based on the evidence quoted, but it’s a bit weasel worded, we don’t know what percentage of renters want to step foot on the property ladder. It’s a bit like the cat food ad where 90% of owners who expressed a preference opted for Kitty Nosh but they don’t tell you what percentage of owners actually expressed a preference. It’s like an argument used by our local council about objections to large planning applications “only 3% of the total borough population objected to it so 97% must be in favour of it”. As a mortgage broker MTL want more people to have mortgages they should have just presented the “evident” conclusion and not the confusing statistics that don’t really support their case.
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
Absolutely correct Landlords receive no help and yet are targeted by central and local governments mostly in a negative way. Where do they expect the landlord to find the money from for all these expensive initiatives that are offered for free to those that don’t work! Its a business and just like any other other business, its income comes from their customers, which in this case is the tenant. There is only so much you can squeeze out of a tenant and the income to expenditure is way out of feasibility. The only source that this urgently needed income can come from is government support which they freely give to housing associations (council housing in disguise).
Wrong, very wrong. All that is happening is rents have to rise, misery for those that cannot afford and those that can are being crippled into having very little, if anything left to save for a deposit.
There was a time when many a tenant could afford to rent for a couple of years and save and buy their own home by the time they were 30yrs of age. That has increased into their 40’s and even more that are now stuck in the rental trap they can never hope to escape.
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register