Renters looking to move home are finding it increasingly difficult to secure a new property, research from The Deposit Protection Service (The DPS) reveals.
The number of moving tenants finding it ‘difficult’ or ‘very difficult’ to relocate has jumped almost 10% in the last year and now impacts half of all tenants.
Now fears are growing that the arduous process is slowing movement with just one in 10 (9%) moving during the last six months compared to one in four (24%) who moved between March and August 2023.
Overall, seven out of 10 (68%) of respondents said they hadn’t moved during the past year.
PAYING MORE
Of those who would liked to have moved, more than a fifth (21%) said they were paying more than they could afford for their present rental properties.
Matt Trevett, The DPSMatt Trevett, Managing Director at The DPS, says: “Finding a new rental property is getting tougher for a growing number of tenants, especially for younger, non-student renters and those who are not in employment, due to a combination of fewer rental properties on the market, the current cost of living, as well as increased mortgage costs for landlords.”
And he adds: “At the same time the proportion of tenant respondents moving home has more than halved during the past 12 months leading to some tenants stuck in properties that they are financially struggling to afford.
“We would encourage tenants to engage in open and constructive dialogue with their current and future landlords about their circumstances throughout their tenancies, to give both parties the best chance of avoiding a dispute at the end.”
Property Soup revealed yesterday how according to Hamptons tenants renewing an existing contract saw rents rise by an average of 8.3% over the last 12 months, outpacing rental growth on a newly let property (6.4%).
