At Andrew Lees Lettings, we appreciate this is a difficult time for landlords and tenants. We work closely with local residents, tenants and landlords in Bridgwater, and we know the challenges that people in the rental sector face.
We also stay in touch with the latest studies and research in the market.
New YouGov data paints a gloomy picture of how renters have fared during the coronavirus outbreak. The pandemic has forced one in twenty people who rent (5%) to move since March.
According to research carried out by YouGov, 5% of tenants have moved since March. Amongst young people, classed as people aged between 18 and 24, there has been greater upheaval.
21% of tenants in this age group have moved rental property during the pandemic. 20% of tenants have claimed Housing Benefits or Government assistance since March.
Some tenants need Government support to make their rental payments
19% of tenants have relied on Government assistance to meet their rental payments. 9% of tenants have had an application denied or didn’t have the option to claim Government assistance. 7% of tenants were unaware that assistance was available to them.
11% of tenants say they have received financial support from their parents, guardian or other family members. Unsurprisingly, this is higher for the 18 to 24 age group. 18% of this age group have received support in this manner. 17% say they were declined assistance or did not have this option available to them.
Of the entire market, 6% of tenants have borrowed money from family members or friends to meet their monthly rental payments. For the 18 to 24 age group, this figure is 13%. Also, 15% of this age group were not able to ask for their help or their request was turned down.
5% of tenants have received a temporary rental fee reduction during the pandemic. 11% of tenants requested a rental fee reduction but had their request turned down by their landlord. 20% of tenants said they were not aware they could ask for a rental fee reduction.
Not many tenants have experienced a permanent rental fee reduction
Only 1% of tenants received a permanent rent reduction which is scheduled to last to the end of their tenancy. 13% of tenants were refused a reduction of this nature, and 22% were not aware they could ask for a permanent rent reduction.
16% of tenants say maintaining rental fee payments has been fairly hard while 5% say it has been very hard. In London, tenants are finding the situation tougher. 20% of tenants say it has been fairly hard maintaining their rental payments and 6% say it has been very tough.
12% of tenants have fallen behind with their bills because of the pandemic and 6% of tenants have missed rental payments.
For the age group between 25 and 44, 19% have defaulted on their bills while 10% of the 45 to 54 age group have missed rental payments. By contrast, only 2% of mortgaged property owners have failed to pay their bills or complete their mortgage payments.
As an experienced letting agent serving the Bridgwater community, and many of the surrounding areas, we are here to help. We promise to stay in touch with the latest technology, helping our clients to achieve more, and we aim to support the local community as best we can. If there is anything, we can assist you with; please contact Andrew Lees Lettings today.