According to new research by TML, 44% of renters are calling for more cost-of-living support from the Government to help with their general finances and affordability amidst the current market conditions.
As house prices slow down, rising costs and high inflation are becoming significant concerns for renters when considering their living arrangements.
The study also found that 30% of renters would like to see lower interest rates to support their overall affordability, while 27% are calling for improved quality controls within the rental market.
Furthermore, 26% of renters are requesting increased first-time buyer support from the Government, and 15% would like more housebuilding to expand property stock.
Regarding sustainability and the UK’s Net Zero goals, 23% of renters are keen to see greater government support for energy efficiency improvements. However, landlords are primarily responsible for improving EPC ratings, leaving renters with limited options.
The survey results reflect renters’ overall sentiment concerning affordability. Indeed, 45% of renters cited the cost of affording regular household bills and other property expenses as their primary concern, while 34% expressed concern about affording their monthly rental payments.
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.”
