An agency’s survey of tenants reveals that three quarters feel ‘trapped’ because of the lack of choice in the private rental sector.
The north of England agency HOP asked over 600 tenants; over 70 per cent say they ideally want to own their own home, but for three quarters of these not having a sufficient deposit is holding them back.
Most expect to buy in their 30s, with 41 per cent saying they will be aged between 32 and 39 when they take their first step onto the property ladder, followed by 27 per cent who believe they will be in their 40s.
However, 71 per cent say they will have to stay in their current home for the foreseeable future and 12 per cent have already lived there longer than they planned to. This is mainly because there aren’t enough alternative rental properties available.
The survey also showed that for tenants choosing rental homes, location and price are much more important than the size or the interior of the property.
Luke Gidney, managing director of HOP, says: “Many tenants are facing difficult choices and are resigned to the fact that moving to a new rental property can be a challenge due to the shortage of available homes in the private rental sector, which has driven rents up by approximately 10 per cent in West Yorkshire in the past 12 months alone.
“Huge numbers of landlords are selling investment properties, due to legislation, red tape and tax changes. We’re now in a position where demand for rental property is higher than it’s ever been and tenants are bearing the brunt of this, competing for available properties and having to pay record rents. It’s a horrible situation that’s only going to get worse unless action is taken to stem the landlord exodus.”