Half of renters worried about housing situation
Half (50%) of renters have expressed anxiety about their housing situation, worrying about things like rent increases, landlords selling up, and becoming unemployed.
The research, from Aldermore bank, found that two in five (41%) renters are worried about financial security.
The pressure is felt significantly among 18- to 34-year-olds, with two in three (64%) admitting they are worried about their housing situation.
Additionally, a further 20% of this age group have seen rent costs increase in their area since March.
Jon Cooper, head of mortgage distribution, Aldermore, said: “The impact of the pandemic has been as much financial as it has been on health in the UK.
“It is concerning that so many renters are feeling anxious about their housing situation, especially as the home has become an even more significant and important part of people’s lives this year than ever before.
“Encouragingly, landlords appear to have been supportive throughout this difficult time, with 74% of renters saying their experience has been positive, and nearly nine in ten renters saying communication with their landlord has been good.
“Open dialogue and listening to tenants’ concerns or difficulties is an important part of being a landlord and, if they are financially struggling, lenders can provide options, such as mortgage payment breaks, to assist in managing portfolios and ease this strain during these difficult times.”
One in four (26%) renters are now looking to buy a property and are actively saving for a deposit, with a fifth (21%) motivated to move into different rental accommodation.
The main things that renters desire that they do not currently have in their property were a bigger kitchen (32%), more living space (27%), a more energy efficient home (25%) and a garden (24%).
Kevin Roberts, director, Legal & General Mortgage Club, said: “These latest findings clearly show the financial difficulties many private renters face since the start of the pandemic. However, homeownership remains a life goal for many in rented accommodation.
“Those wanting to better understand how they can make the transition from renter to buyer should first consider speaking with an independent mortgage adviser.
“Advisers can help provide a clearer route to homeownership including what lenders look for in applicants, such as their minimum deposit requirements. Knowing how to prepare can help make the homeownership process clearer.”