Research from The Mortgage Lender (TML), which surveyed around 2,000 people, found that 30 per cent of renters would like to see lower interest rates. Those surveyed said this would support their overall affordability.
Over a quarter said they wanted improved quality controls within the rental market.
A further 26 per cent of renters said they wanted more first-time buyer support from the government and 15 per cent would like to see more housebuilding to grow property stock.
Nearly a quarter of renters said they wanted greater government support with regards to energy efficiency improvement, but the lender noted that with upcoming EPC legislation placing the burden of improvement on landlords, renters had “little action” they could take.
Approximately 45 per cent of renters said the cost of affording regular household bills and other property expenses were their main concern and more than a third said affording their monthly rent was their biggest worry.
Recent figures from Zoopla show that average rents for new lets had gone up by around 11.1 per cent compared to last year. Meanwhile, separate data from the firm noted that last year rental unaffordability had hit its highest level for a decade, with rent as a percentage of earnings as a single earner hit 35 per cent.
Steve Griffiths, chief commercial officer at TML, said: “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.”
He added “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.”
