A new study conducted by TML has revealed that an overwhelming 44% of renters are calling for increased Government assistance to support their financial wellbeing and overall affordability, as the rental market is plagued by rising costs and high inflation.

Despite a slowdown in the housing market, renters are becoming increasingly concerned about the cost of living as it pertains to their living arrangements. The study found that 30% of renters are calling for lower interest rates to support their overall affordability, while another 27% are advocating for improved quality controls within the rental market.

In addition, 26% of renters are urging the Government to provide greater support for first-time buyers, while 15% are calling for increased housebuilding to expand the available property stock.

The study also found that 23% of renters are keen to see more robust government support for energy efficiency improvements to help meet the UK's Net Zero goals. However, renters have limited options as landlords are primarily responsible for improving Energy Performance Certificate (EPC) ratings.

The survey results reflect renters' overall sentiment regarding affordability, with a whopping 45% citing the cost of affording regular household bills and other property expenses as their primary concern, while another 34% expressed concern about affording their monthly rental payments.

Commenting on the findings, Steve Griffiths, Chief Commercial Officer at TML, stated: “The rental sector has never been more important, with many renters facing a series of challenges in their journey to homeownership. However, 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.”