More than two in five renters (44%) want to see more cost of living support from the Government to help with general finances and affordability, research from The Mortgage Lender (TML) has indicated.

TML looked into what renters across the UK would like to see most from the Government to support them and the property market.

While house prices appear to be experiencing a slowdown, TML said its findings show that rising costs and high inflation are weighing on renters’ minds as they consider their living arrangements.

The study, based on research among 2,000 UK adults, revealed that 30% would like to see lower interest rates, which may support them with their overall affordability, and 27% would like to see improved quality controls within the rental market.

It also found that 26% of renters would like to see improved first-time buyer support from the Government and that 15% would like to see more housebuilding to increase property stock.

In terms of sustainability and the Government’s net zero ambitions, 23% of renters also revealed they are are keen to see greater government support in making energy efficiency improvements. However, with much of the responsibility falling to landlords to improve Energy Performance Certificate (EPC) ratings, TML highlighted that this leaves little action that renters are able to take themselves.

“With many renters facing a series of challenges in their journey to homeownership, the rental sector has never been more important,” commented chief commercial officer at TML, Steve Griffiths. “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.

“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.”

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