The private rental sector in the UK often comes under criticism, with reports about substandard housing, overly strict rules about décor and pets, and extortionate monthly fees. However, a new survey has found that these concerns may be exaggerated.
Landlord Today reports that in a survey of nearly 1,000 tenants, the vast majority said they were happy in their homes. 88% reported no major concerns, while just 12% said that they were unhappy. However, the majority (60%) did say they were spending an increasing proportion of their monthly income on rent, with 30-40% being the average.
The survey found the most desirable features for a rental property are currently private outside space, a good energy efficiency rating, and proximity to green spaces and leisure facilities. Demand is highest for locations close to workplaces and public transport links, despite the fact that more people now work from home.
The rental market is under increasing pressure at the moment, as many potential first time buyers are delaying applying for a mortgage due to the soaring cost of living, and are continuing to rent. Property portal Zoopla says that higher mortgage rates and wages which are not keeping pace with inflation are keeping people in rented properties.
The portal comments: “The housing market has been resilient to the rising cost of living so far. The new energy price cap will add to the pressure facing households especially those on lower incomes.”
“We see the recent jump in mortgage rates having a greater impact on housing market activity and prices moving ahead. First time buyers on lower incomes, those looking to trade-up using a bigger mortgage and buyers in the south east of England will all feel the greatest impact on affordability.”
Despite the increasing pressures, first time buyers still make up the largest percentage of the buyer group in the UK, at 35%.
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