A mortgage expert who is a prominent sceptic about the lettings market has stepped up his criticisms, saying renting is no longer an option for many - it’s a necessity.
Nigel Purves is chief executive of Wayhome and says recent figures from Zoopla, showing rents outside London rising by fire per cent year on year, prove his point.
“This shines a light on how deep rooted the UK’s property affordability crisis actually is. Despite the pandemic-induced exodus, rents in big cities continue to soar, with young professionals and divorcees leading the renewed drive for city-living.
“But demand for gardens and more space doesn’t necessarily align with the reality of properties on offer.
“Renting can be a good option for some, but it should be just that, an option. Millions of people in the UK are stuck in properties which don’t meet their needs, especially families with young children, and key workers who are wedded to a particular area because of their jobs and support networks.
“These groups are left paying high rents on often unsuitable rental homes. And to add insult to injury, they have no security and very little freedom: they can be kicked out at nearly any time, and their landlords stop them keeping pets or even changing the paint colour on the walls.”
He says that what he believes to be the high cost of renting, combined with “unfair mortgage lending criteria” means that even if they can afford a deposit and mortgage-level monthly rents, these renters are unable to take their first step onto the property ladder.
He continues: “It’s vital the government treats this issue as urgent – if it truly hopes to turn ‘Generation Rent’ into ‘Generation Buy’, it must work together with the property industry to innovate and provide alternative routes to homeownership.”
Wayhome produced an analysis of the rental market earlier this year, claiming that more than a quarter of tenants and homeowners found their property needs have changed since the outbreak of Covid-19, but that many tenants can do little about it.
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