The latest YouGov research commissioned by Equifax has revealed that renters seem to be less confident about their finances for 2018 compared to those with a mortgage.
Renters in London and Scotland appear to be most concerned about facing rent rises in 2018. 55% of renters in Scotland and 52% in London expect their rent to go up in 2018, with 9% of London renters expecting their rent to ‘increase a lot’.
Looking ahead to 2018, renters could be in a more vulnerable financial position overall as 42% said they would not be able to afford any increase in monthly rental repayments, compared to just 11% of mortgage holders.
42% of renters in the South said that they would not be able to afford any increases in monthly rent payments; 37% of London renters and 35% of renters in the North feel the same.
Lisa Hardstaff, credit information expert at Equifax, said: “It is not uncommon to feel anxious or concerned about finances when heading into a new year.
The fact that so many renters are concerned about their finances if their rental payments were to increase shows that it is now more important than ever for them to stay in control of their finances. The concern is, however, not just limited to renters. Nearly a third of all individuals said that they are concerned about being able to afford all of their financial commitments, including rent, mortgage payments and utility bills, over the next year."