24 Sep

Tenants may not be able to afford to buy

Tenants may not be able to afford to buy

Many tenants in the UK are having to rent their home because they cannot afford to step on to the property ladder, claims recent research.

A new study from AXA Business Insurance shows nearly 60 per cent of UK tenants believe they have been priced out of the property market, although many have a positive relationship with their landlord or letting agency.

A further 17 per cent said they could afford to buy their own property but felt that renting offered more freedom.

The research also showed that many tenants have concerns about the energy efficiency and issues surrounding the security of their homes.

Tenants revealed the biggest negative of having to rent property was having to deal with high energy bills because rental properties can often be poorly insulated and have outdated heating systems installed.

Safety was also a top concern, with a lack of essential repairs potentially putting tenants and landlords at risk.

AXA Business Insurance found that only 30 per cent of landlords carry out an annual gas inspection - which is required by law. In addition, 58 per cent of rental properties do not have a fire alarm fitted.

"It's easy to present modern Britain as a world of greedy landlords on the one side and resentful tenants on the other, that’s certainly been the stereotype. However, we’ve found that their attitude to their landlords is largely positive, indicating that the problems aren’t caused so much by a bad attitude on either side, but just poor awareness of who is responsible for what," explained Darrell Sansom, managing director at AXA Business Insurance.

He added landlords should be aware of the things they need to do to ensure they follow the law and protect the safety of tenants.

"Too many landlords are leaving themselves open to serious property risks, and even prosecution, by not maintaining adequate fire and gas safety measures," said Mr Sansom.

By April 2016, all landlords will be obliged to introduce any reasonable energy efficiency measure like insulation or double-glazing requested by tenants.

There was a number of factors that influenced why people decided to rent a particular property. Size was the most influential alongside the number of bedrooms, followed by price then location, with many opting for areas close to work or local amenities.

Demand for an outdoor space was also high, with 35 per cent wanting a garden, balcony or patio. The addition of a garage was also desirable by 25 per cent of those questioned in the research.ADNFCR-1222-ID-801750260-ADNFCR

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