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TODAY'S OTHER NEWS

Record number of tenants frustrated by home-buying barriers

A third of private renters spend longer waiting to get on the property ladder than planned, according to research from Experian.

Nearly 1.7 million private renters are frustrated at having to wait to own their first property, something which is considered an integral part of ‘The British Dream’.

Believing that they wouldn’t be accepted for a mortgage (18%) and being unable to raise a deposit (10%) are the top barriers preventing renters making the move towards home ownership. A further 5% have had to prolong the time spent renting as they’ve been held up in securing a mortgage.

The majority of frustrated first-time buyers are comprised of young couples and families who are looking to get a foot on the ladder, this report states. 

However, it has been revealed that 74% of tenants surveyed would like to see rental payments contribute towards their credit report, which currently does not happen. The ones with the greatest appetite for this are those which are considering purchasing property in the next five years or less.

Experian has developed the Rental Exchange tool to help strengthen renters’ credit history. Jonathan Westley, Managing Director at Experian commented: “The rent paid by tenants isn’t reflected on credit reports in the same way homeowners benefit from making regular mortgage payments. By adding this data through the Rental Exchange, people aiming to buy can build a stronger credit history to help them get a more competitive mortgage rate, while long-term renters can prove their identity when they apply for online services.”

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