Half of tenants admit they are worried about the cost of keeping their home as a result of the pandemic, with just over one in five adding that lockdown has made them more motivated to move, according to a survey.

Tenants are concerned about rent increases, landlords selling up, and becoming unemployed, says a poll from challenger bank Aldermore.

Financial security is a worry for 41 per cent of renters, with 22 per cent saying they have experienced unexpected rent increases and nine per cent admitting they have struggled to meet monthly housing charges since the health crisis began last March.

This pressure falls more significantly on the young, with 64 per cent of 18- to 34-year-old tenants admitting to feeling “worried about their housing situation”.

In this age group, 31 per cent have been placed on furlough or have lost their job since Covid-19 struck, significantly higher than the 22 per cent average across all renters, says the survey.

Overall, the impact of lockdown has triggered many renters to rethink their living arrangements. Twenty-six per cent are now looking to buy a property and are saving for a deposit, and 21 per cent saying they are motivated to move into a different rental property.

The main things tenants want from a new rental property were a bigger kitchen 32 per cent, more living space 27 per cent, a more energy efficient home 25 per cent and a garden 24 per cent.

The ambition to buy a property in the next five years is greatest in Northern Ireland, 32 per cent, London 29 per cent, the South East 24 per cent and the West Midlands 23 per cent.

Aldermore head of mortgage distribution Jon Cooper says: “The impact of the pandemic has been as much financial as it has been on health in the UK. It is concerning that so many renters are feeling anxious about their housing situation, especially as the home has become an even more significant and important part of people’s lives this year than ever before.”

Legal & General Mortgage Club director Kevin Roberts says: “These latest findings clearly show the financial difficulties many private renters face since the start of the pandemic. However, homeownership remains a life goal for many in rented accommodation. Those wanting to better understand how they can make the transition from renter to buyer should first consider speaking with an independent mortgage adviser.”

Roberts adds: “Advisers can help provide a clearer route to homeownership including what lenders look for in applicants, such as their minimum deposit requirements. Knowing how to prepare can help make the homeownership process clearer.”