75% Of Landlords Supporting Tenants During COL Crisis

The cost-of-living (COL) crisis is having an impact on everyone, but the majority of landlords are doing what they can to support their tenants during this difficult financial time. 

 

Shawnbrook has revealed research that shows 75 per cent of residential landlords are helping their renters, as increasing household bills and food costs are making it harder for them to afford their monthly fee. 

 

Introducer Today reported that a quarter of landlords have frozen rents; 22 per cent have offered a payment holiday; the same proportion has provided a reduction in rent costs; and 19 per cent have said they will include bills in the rental cost. 

 

To help reduce gas and electricity bills for their tenants, a quarter of landlords have updated their properties with energy-efficient upgrades, such as insulation, double-glazing, or new boilers. 

 

Despite this, 14 per cent of property owners have not made any changes to help their tenants cope with the COL crisis. 

 

The government has now stepped in to support the public with their mounting energy bills this winter, after ITV revealed predictions that prices were likely to exceed £6,000 per year by 2023. 

 

New Prime Minister Liz Truss has set a new price cap for the average household energy bill of £2,500 per annum. However, this is an increase from £1,277 from earlier in the year, with the price cap being almost double what they were in April 2022. 

 

Subsequently, many families around the country will still struggle with their finances. 

 

To find out more about residential solicitors in Hull, call us today.