Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.

Majority of Tenants Support Renters’ Rights Act, Barclays Finds

Six in ten tenants believe the Renters’ Rights Act will improve their housing protections and conditions, according to the latest Barclays Property Insights report. The report also highlights a significant increase in tenant awareness and positivity towards the Act since it passed in October.

Barclays found that 60% of tenants are now aware of the Renters’ Rights Act and its aims, up from 19% in October. Additionally, 62% of renters believe the Act will improve their housing conditions and protections, compared to 33% previously. The report also notes that 61% of tenants feel the Act will make it easier to challenge unfair treatment from landlords, a notable rise from 28% in October.

The findings indicate that the legislation is already influencing tenant behaviour, with 19% of renters saying they are more likely to remain in their current property as a result of the changes. However, concerns about the long-term impact of the Act are growing. The proportion of renters worried that limitations on evictions and bidding wars could lead to higher rents has increased from 24% in October to 45%. The same proportion of tenants are concerned that the reforms could result in landlords leaving the market, potentially reducing rental supply.

For letting agents and inventory clerks, these trends may signal shifts in tenant expectations and landlord behaviour. The report also notes that only 11% of homeowners are considering buying an additional property in the next two years, with many citing affordability, high maintenance and running costs, time required to manage a property, and stamp duty as barriers. For those who have considered or already purchased a second home, the average upfront cost is reported as £85,887, including deposit, stamp duty, and third-party costs.