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ONS data renters

ended 20. February 2023

The ONS has just published a detailed report showing that renters have higher odds of experiencing some form of financial vulnerability (4.4 higher odds), compared with those who own their home outright; more than half (55%) of renters reported being unable to afford an unexpected, but necessary, expense of £850, compared with 12% of outright homeowners. It also revealed adults aged 25 to 34 years had the highest odds of experiencing some form of financial vulnerability (2.2 higher odds), compared with those aged 75 years and over; around a third of adults aged 25 to 34 years (34%) reported borrowing more money or using more credit than usual compared with a year ago, compared with 7% of those aged 75 years and over. Any thoughts, send them across ASAP as this story is BREAKING.

3 responses from the Newspage community

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Editor
Samuel Mather-Holgate
Independent Financial Adviser at Mather and Murray Financial
It's not surprising that those who are younger, who haven't saved up for a deposit for their own home, have a higher propensity to be vulnerable to financial shocks. This highlights the importance of experience and financial education in helping manage the nation's finances better.
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Editor
Imran Hussain
Director at Harmony Financial Services
No surprise at all, the majority of first-time buyers I have spoken to are moving due to rents doubling in some cases, this is being brought on by the lack of rental stock and government policy around tax changes for landlords who are now starting to exit the market.
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Rhys Schofield
Brand Director at Peak Mortgages and Protection
It comes as no surprise whatsoever when asking rents have risen on average 9.7% outside of London and 15.7% within London in the last year that many tenants are at the mercy of their landlord for being able to afford to have somewhere to live. Not that coming down hard on landlords really helps anyone lest you drive them from the market, reduce supply and drive prices ever upward. What we need is more houses, more and better quality rental stock, plus a housing minister to stay in post for more than 5 minutes.