Tenants say the Government is out of touch with their needs
Generation Rent has no faith that the Government will help them become Generation Buy, according to a survey commissioned by LetBritain.
The virtual letting agency revealed that 67% of UK adults – 34.4 million people – feel the Government is out of touch with the wants and needs of those who rent.
Seven out of 10 said that the banning of letting agent fees is just the tip of the iceberg and more must be done to help tenants.
The problem is most acute in London where rents are highest. According to the survey, half of Londoners (49%) choose to rent their home in the capital so they can live in a higher calibre of property than they could afford to buy. The same sentiment is echoed by 39% of people outside London.
In the capital 42% of Londoners have considered buying a cheaper property in another part of the country so they can invest in housing, and receive the rental income, without having to leave the capital.
Across the UK 27% of tenants have also thought about buying in a cheaper location to get on the ladder, without actually moving there.
More help needed
Three-fifths of UK adults said the Government isn’t doing enough to help Generation Rent get onto the property ladder.
And over two-thirds (64%) worry that life for UK renters is going to become more difficult over the coming five years.
Fareed Nabir, CEO of LetBritain, said: “Whilst many renters are working hard to enter the property market, they clearly do not feel the Government understands the issues faced by tenants.
“Interestingly, the findings show that Generation Rent is now increasingly looking to buy properties outside of their chosen place of residence so they can still get onto the property ladder without having to sacrifice the location or quality of the property they wish to live in.”