A new survey by Barclays suggests 40% of tenants do not know of the Renters Rights Act.
The latest Barclays Property Insights report finds that since the Bill passed in October, and became law this month, awareness and positivity has dramatically increased amongst tenants.
However, many are concerned that in the long-term supply could decrease, pushing up rents.
Existing homeowners are also reporting wariness about investing in additional property due to growing cost and complexity, while older homeowners are prioritising keeping their current home as a legacy.
Barclays says six in 10 tenants (60%) say they are aware of the Act and what it aims to achieve (up from 19% in October).
Meanwhkle 62% of renters believe it will improve their housing conditions and protections (up from 33%).
And 61% also feel it will make it easier for tenants to challenge unfair treatment from landlords, compared to 28% in October.
The bank claims this is already influencing behaviour, with 19% of renters saying they are more likely to remain in their current property as a result of the changes.
However, there is growing wariness over the longer-term impacts of the legislation.
In October, a quarter of renters (24%) were concerned the limitations on evictions and bidding wars could cause rents to increase, which has risen to 45%.
And the same proportion worry the reforms could lead to landlords leaving the market and reducing supply.
Meanwhile one in nine (11%) of homeowners are considering buying an additional property within the next two years.
However, many are cautious – 22% say that they would like to own another property, but it feels unaffordable.
High maintenance and running costs are the top cited barriers (28%), while 24% highlight the time required to manage a property, and 21% point to stamp duty costs.
For those who have considered or already purchased a second home, the average deposit required is £50,340, alongside stamp duty (£29,849) and third-party costs (£5,698), bringing the total upfront cost to £85,887 on average.
Reluctance to take on landlord responsibilities is also shaping behaviour.
Around seven in 10 (69%) of homeowners say they would not want to be a landlord due to cost and complexity, while 48% believe owning an additional property is too financially risky in the current economic environment.
Attitudes are also shifting when it comes to buying property as an investment, with many concerned for the impact on the wider landscape as well as returns.
More than a third (36%) believe owning additional properties adds pressure to the housing market, while 34% would prefer to invest in the stock market instead of property.
This article is taken from Landlord Today