Renters’ confidence plummets as energy costs soar

Renters’ confidence drops as many struggle to afford their energy bills, according to a new study.

A survey by NatWest reveals that 18% of renters feel “much less confident” about affording their current energy bills.

Labour has demanded all landlords must meet EPC C targets by 2030.

Landlords raising rents

According to the survey, 18% of renters said they were much less confident in meeting their bills each month, and a further 26% said they were ‘a little less confident’.

NatWest claims this is likely due to fear of the unknown in landlords raising rental costs per month.

More than half of renters in the lowest income band (annual earnings less than £15,000) were less confident about being able to afford their current energy bills than a year ago (31% said “much less confident”).

In comparison, confidence has improved for homeowners (either owning outright or buying with a mortgage).

According to the NatWest study, 35% stated they were more confident, with only 27% saying that they were now less confident.

Making green changes is an important part of home ownership

Lloyd Cochrane, head of mortgages at NatWest said: “From our own research, we know that making greener changes is an important part of home ownership, particularly for the younger generation. We’ve seen a real shift in people being environmentally conscious – whether that’s looking to save on energy bills or taking public transport to reduce their carbon footprint.

“Relevant solutions, suppliers and funding need to be more accessible to renters and homeowners across the UK. In order for people to realise the potential benefits and confidently undertake work to their homes, it’s incredibly important that we’re able to provide viable solutions to these property owners.”

The survey also reveals that 39% of homeowners (whether owning outright or with a mortgage) consider policies to make homes more environmentally friendly as “very important,” compared to 34% of renters.

Younger homeowners are more in favour of green policy proposals than their older counterparts. According to the study, 44% of homeowners aged 18-44 answered “very important”, versus 34% of those aged 45-64.

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