Around half of renters are worried about financial security thanks to Coronavirus - and many are concerned their landlords will sell up.
Aldermore Bank, a specialist buy to let lender, has canvassed the opinions of 2,000 private tenants with precisely 50 per cent saying they are uncertain about how they will cope with rent increases, their home being sold, or becoming unemployed.
This pressure is felt significantly among 18 to 34 year olds, with two in three admitting they are worried about their housing situation. Additionally, a further 20 per cent of this age group have seen rent costs increase in their area since March.
The bank says the situation has become still more difficult for this age group with nearly one third being placed on furlough or losing employment since March, significantly higher than the 22 per cent average across all renters.
The impact of lockdown has triggered many renters to rethink their living arrangements, the survey suggests.
One in four are now looking to buy a property and are actively saving for a deposit, with a fifth 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 per cent), more living space (27 per cent), a more energy-efficient home (25 per cent) and a garden (24 per cent).
When asked about their future plans, one in three aim to remain in their property over the next five years and one in five plan to move to a different rental property.
Owner occupation was a goal for almost a third of renters in Northern Ireland and London, and around a quarter in London, South East England and the Midlands.
“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” explains Jon Cooper, head of mortgage distribution at Aldermore.
“Encouragingly, landlords appear to have been supportive throughout this difficult time, with 74 per cent of renters saying their experience has been positive, and nearly nine in 10 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.”
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