Most renters would support the appointment of a Minister with specific responsibility for tenants, the latest First Time Buyer Opinion Barometer from Your Move and Reeds Rains reveals. When asked if they thought there should be a Minister with specific responsibility for tenants, 60.2 per cent of respondents said ‘yes’, compared to only 14.9 per cent who […]
Most renters would support the appointment of a Minister with specific responsibility for tenants, the latest First Time Buyer Opinion Barometer from Your Move and Reeds Rains reveals.
When asked if they thought there should be a Minister with specific responsibility for tenants, 60.2 per cent of respondents said ‘yes’, compared to only 14.9 per cent who thought it was a bad idea.
The survey also reveals that renting is becoming a longer-term option for increasing numbers of people. Only 11.2 per cent of tenants polled in April 2015 felt they will be able to buy their own property within the next twelve months, down from 13.4 per cent in April 2014.
More than one in ten (13.1 per cent) renters said they will probably never be able to get on the property ladder, up from 11 per cent a year ago.
Getting the necessary money together for a deposit is by far the biggest bar to tenants putting a foot on the property ladder, with 70.8 per cent citing it as the reason behind them choosing to continue renting.
Adrian Gill, director of estate agents Your Move and Reeds Rains, comments:
“Tenants feel that their particular circumstance deserves special representation at the heart of government.
“The younger generation have been disproportionately disadvantaged by the recession, with many stuck in lower paid roles, unable to progress their careers at the same pace as the previous generation. At the same time, savings rates have been stuck in the doldrums, meaning any money they have been able to put aside hasn’t been working hard for them. Saving for a deposit has become much more arduous. Rising prices have also pushed up the amount many need to save in the first place, adding insult to injury. This means many tenants trapped in rented homes during the recovery are still playing catch-up.
“What will be interesting to monitor is whether such an initiative would cause a drastic change in the way we view renting in the UK. If the flexibility of renting, which most people see as a bonus, can be combined with the stability and reassurance that a Minister for Tenants could provide, it could create a golden formula that makes renting a better long-term, as well as short-term, option for many individuals and families.”
