Many UK tenants worried about rising rent, survey finds

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4th August 2015 15:44 - Housing

According to the findings of a recent survey, many UK tenants are worried about the rising cost of renting.Many UK tenants worried about rising rent, survey finds

The increasing rent prices have been attributed to the Chancellor of the Exchequer’s decision to scrap mortgage tax relief for private sector residential landlords.

The survey discovered that approximately 38 per cent of tenants are uncertain about what impact the cuts will have on them and more than half of the respondents are demanding the introduction of greater rent control measures.

Of the respondents, 35 per cent said that they would move to another property if their rent was to increase.

Conducted by comparison website, Makeitcheaper, the survey revealed that should rent increase further, only 20 per cent of tenants would stay in their current property, 10 per cent said that they would look for council housing and 17 per cent would feel more motivated to buy their own house.

The findings indicate that landlords may face losing tenants, should they increase rent, as approximately 80 per cent said that they would not be able to pay more.

A separate study by Paragon Mortgages revealed that 75 per cent of landlords are confident that their tenants won’t face difficult price hikes in the next year, and believe that rental payments will remain stable.

Paragon Mortgages’ PRS Trends Survey revealed that 17 per cent of landlords are planning to invest in more rental properties over the summer quarter. Although, the type of houses that the landlords were seeking to purchase remained similar, with terraced properties and semi-detached houses making the top of the list with 38 per cent, closely followed by 35 per cent seeking to buy apartments.

Director of Paragon Mortgages, John Heron, said of the findings:

“Landlords continue to experience strong tenant demand and are keen to add to their portfolios. The positive signals being picked up elsewhere around the economy also seem to have flowed through to the PRS with landlords experiencing low arrears and low, stable voids.”

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