50% of tenants are concerned about their home.
The pandemic has wreaked mental and financial havoc for those living in rented homes.
Half (50%) of renters have expressed anxiety about their housing situation, worrying about things like rent increases, landlords selling, and the unemployed.
The research, from Aldermore Bank, found that two in five (41%) tenants are concerned about financial security.
The pressure is felt significantly among 18-to-34 year-olds, with two in three (64%) admitting that they are concerned about their housing situation. Additionally, another 20% of this age group have seen rental costs rise in their area since March.
“COVID-19 has brutally impacted the UK.”
Jon Cooper, Director of Mortgage Distribution at Aldermore, said: “The impact of the pandemic has been both financial and mental health in the UK.”
“It is worrying that so many renters are feeling anxious about their home situation, especially as the home has become an even more meaningful and important part of people’s lives this year than ever.”
“Encouragingly, landlords seem to have been supportive during this difficult time, with 74% of tenants saying their experience has been positive, and nearly nine out of ten tenants saying communication with the 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 in financial difficulty, lenders can offer options, such as mortgage interruptions, to help manage portfolios and relieve this tension during these 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 to different rental accommodation.
The top things renters want that they currently don’t have on their property are a bigger kitchen (32%), more living space (27%), a more energy-efficient home (25%), and a garden (24%.)
Talking to an independent mortgage adviser can be very helpful.
Kevin Roberts, Director of the Legal & General Mortgage Club, said: “These latest findings clearly show the financial difficulties many private tenants face since the beginning of the pandemic. However, homeownership remains a life goal for many people in rental housing.”
“Those who want to better understand how they can transition from tenant to buyer should first consider speaking with an independent mortgage adviser.”
“Counselors can help provide a clearer path to homeownership, including what lenders are looking for in applicants, such as minimum deposit requirements. Knowing how to prepare can help make the homeownership process clearer.”
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