The top response for renters when asked what kind of changes they would like to see the government make was more support for first-time buyers. This was followed by more mortgage schemes, a simplified home-buying process, more new-build homes, and legislation to improve energy efficiency in rental properties.
Many renters are looking to the government for more support for first-time buyers. High mortgage rates have made getting on the property ladder even more challenging in recent years.
More new properties is also a priority for renters, as according to Rightmove, demand from buyers is up 15% since 2019, while the number of available homes is down by 6%. The supply in the rental market is even more stretched, with demand from tenants up by 32%, while available homes are down by 38%. This has rapidly pushed rental prices up by as much as 40% compared to five years ago.
Tim Bannister commented: “One way that could help is if the next government can create smoother planning processes to transform the delivery of new homes and produce more affordable housing. Not only could this help first-time buyers, it could also open up a big opportunity to help downsizers move to greener homes with lower running costs.”
To find out more about the UK property market hotspots, take a look at our buy-to-let area guides covering topics such as available investment property in Gloucester, and available investment property in West Bromwich.
