An independent survey of 2,000 UK adults by LetBritain has revealed that the British public feel the government is worryingly out of touch with the wants and needs of Generation Rent
The research has revealed the sentiments of Generation Rent towards the government and property market, finding that 67% of people feel the government is out of touch with the wants and needs of the country’s private renters, with 70% saying the banning of letting agent fees is merely the tip of the iceberg and more must be done. Furthermore, 61% said they do not think the current government is doing enough to help Generation Rent become Generation Buy, while 64% of UK adults (32.86 million people) feel that life will get worse for tenants over the next five years.
LetBritain’s research also found that 20 million people in the UK – 39% of adults – lack the finances to purchase the calibre of property that they currently reside in, and are therefore forced to rent their home. This figure jumps to 49% among those in London.
In order to counteract this issue, 27% of people said they would invest in a cheaper buy-to-let property in a different part of the country to where they live, enabling them to earn additional income while not having to compromise on the place where they wish to live. This trend was particularly pertinent among Londoners; 42% of people in the capital said they would buy a cheaper property in another part of the UK so they can benefit from the rental income they would accrue without having to leave the city.
Fareed Nabir, CEO of LetBritain, commented on the findings:
“With more and more people across the UK coming to rely on the private rental sector, the results of today’s research are concerning. Whilst many renters are working hard to enter the property market, they clearly do not feel the government understands the issues faced by tenants. Interestingly, the findings show that Generation Rent is now increasingly looking to buy properties outside of their chosen place of residence so they can still get onto the property ladder without having to sacrifice the location or quality of the property they wish to live in.”