A survey by Barclays suggests that the Renters Rights Act has triggered a wave of cautious optimism amongst tenants.

Since the law was formally passed last month, a third of renters (33%) say they believe it will improve conditions and protections for tenants, with 28% confident that it will make it easier to challenge unfair treatment from landlords and agents. 

However, a quarter of renters (24%) worry the Act could push rents higher due to limitations on evictions and bidding wars, which might cause landlords to increase the listing price. More generally, the percentage concerned about rising rents dropped to 16%, down from 18% a month ago. 

Elsewhere in its monthly survey, Barclays reports that confidence in the UK housing market dipped to 24%, down from 27% in September and marking the lowest level since January this year. 

Some 37% of consumers – renters or owner occupiers – feel confident that they could afford to move home in the next 12 months if they wanted to. This rises to 46% amongst homeowners, who cite manageable housing costs and bills as the primary cause for optimism. 

But only 22% of renters feel confident they could afford to move in the next 12 months (buying or continuing to rent). Cost-of-living is cited as the strongest impediment to confidence, followed by ability to save for a deposit and what they believe to be the high cost of renting. 

Barclays data shows mortgage and rental spending rose 5.1% year-on-year in October.

Jatin Patel, Head of Mortgages, Savings and Insurance at Barclays, says: “The increasing appetite for low-deposit mortgages demonstrates that getting on the property ladder remains a priority for renters. It also highlights how industry innovation, such as family-backed mortgages and support schemes, is crucial in helping more people responsibly attain their homeownership goals.”