Many renters want government help for first time buyers

New research from The Mortgage Lender reveals that 44 per cent of renters would like more cost-of-living support from the government.

Specifically some 30 per cent of those tenants polled by the lender would like intervention to reduce interest rates while 27 per cent would like to see improved quality controls for conditions within the rental market.

In addition, 26 per cent of renters would like to see improved first time buyer support from government and 15 per cent would also like to see more housebuilding to increase property stock.

Turning to sustainability and the UK’s Net Zero goals, 23 per cent of renters are keen to see greater government support in making energy efficiency improvements.

TML says this wish list of what renters want from government corresponds with their overall sentiment when it comes to affordability. 

Indeed, 45 per cent of renters said that the cost of affording regular household bills and other property expenses was their main concern, while 34 per cent said that affording their monthly rental payments was their biggest worry.

TML chief commercial officer Steve Griffith says: “With many renters facing a series of challenges in their journey to homeownership, the rental sector has never been more important. 

But high demand continues to outstrip supply, ultimately pushing up rental prices, and the cost of living crisis plays a significant part in affecting consumers’ overall affordability.

“It is evident those who want to step foot onto the property ladder are seeking more support from the government in order to do so, whether that’s helping with shorter term finances or support for the wider property market to help increase access for new entrants. 

“But with much uncertainty still around in terms of inflation and interest rates, there may well need to be some further intervention to help people achieve their property goals.”