5th
Feb 2021
Nearly half of tenants are extremely worried about their financial situation caused by the pandemic with many believing that landlords will sell their properties.
According to a buy to let lender, who held a surveyed with 2,000 private tenants asking them for their views on how they will be affected by Covid, virtually 50% of respondents cannot foresee how they will be able to cope with their rents being increased, becoming unemployed or their home being put on the market.
The 18-34 age group felt most at risk with two thirds stating they are petrified of their rental home being sold because of the housing crisis, also 20% of the age group had seen rents increase since March where they live and surrounding areas.
The lender also highlights the 18-34 years old are facing increasingly bleak futures as a third are furloughed or have been made redundant since March which is much higher than the 22% across all renters.
The effect of the lockdown on many tenants has made them think afresh about their ‘living’ priorities.
Around 25% are hoping to buy a property and have already started saving up for a deposit and around 20% are looking to move out of their rented accommodation into a different ‘home’.
The priorities for tenants looking to move into new properties include finding a place with a bigger kitchen - 32%, a larger property -27%, a better energy efficiency - 25%, and a garden – 24%.
Replying to the survey’s question about their future plans, a third were happy to stay put over the next five years and 20% will move to a different rented property.
In Northern Ireland nearly a third of renters had a goal of owning their property, whilst 25% of tenants in London, South East England and the Midlands wanted to own their home in the future.
Jon Cooper of the lender 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 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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