Six in 10 renters say the Tenants’ Bill of Rights improves the protection and conditions of their homes, according to the latest Barclays Property Insights report.
The report finds that since the bill was passed in October, awareness and positivity about… Tenants’ Rights Law It has increased significantly among renters.
However, many Britons are concerned that supply may decline in the long term, causing rents to rise.
Existing homeowners also report being concerned about investing in additional properties due to increasing cost and complexity, while older homeowners prioritize keeping their current home as an inheritance.
Six in 10 (60%) say they are aware of the law and what it aims to achieve (up from 19% in October) and 62% of tenants believe it will improve their housing conditions and protection (up from 33%). 61% also feel it will make it easier for tenants to challenge unfair treatment by landlords, compared to 28% in October.
This is already influencing behaviour, with 19% of tenants saying they are more likely to stay in their current property as a result of the changes.
However, there is growing concern about the long-term effects of the legislation. In October, a quarter of renters (24%) expressed concern that restrictions on evictions and bidding wars could lead to rent increases, which rose to 45%.
At the same time, the same proportion are concerned that the reforms may lead to landlords leaving the market and reducing supply.
One in 10 (11%) homeowners are considering purchasing an additional property within the next two years.
However, many are being cautious – with a fifth (22%) saying they would like to own another property, but feel it is unaffordable.
High maintenance and operating costs are the most important barriers mentioned (28%), with a quarter (24%) citing the time required to manage the property, and 21% citing stamp duty costs.
For those who have considered or have already bought a second home, the average deposit required is £50,340, combined with stamp duty (£29,849) and third party costs (£5,698), bringing the total initial cost to £85,887 on average.
Jatin Patel, Head of Mortgage, Savings and Insurance at Barclays, said: “With deposit challenges continuing, the Tenants’ Bill of Rights measures to limit sharp rent increases could give renters greater scope to save, thereby expanding access to the property ladder. However, the long-term impacts on rental housing remain unclear, as homeowners weigh investing in bricks and mortar against other asset classes.”
