Wednesday, 2 November 2011

More from HomeLet Insurance Rental Indexes

The August HomeLet Rental Index highlighted  that:
• Average rents across the UK are now £791 per month, an increase on July 2011, meanwhile average salaries have dropped slightly

• London is continuing to set new records with rents standing at £1,202 – up 4% compared to last month and an increase of over 12% since August last year.

• Rents in London are now a record 52% higher than the UK average

• Tenancy lengths are decreasing – there are now only two of the twelve regions in the UK where average tenancies are more than two years – this compares with seven regions in 2009

• There is a large gender pay-gap, with average salaries for men being 40% more than women

• Younger women (aged 18 - 25) are more likely to rent than younger men – but this trend

reverses when tenants enter the 26 - 35 year age group

• On average the North East is home to the oldest tenants in the UK, with the youngest living in

London and Northern Ireland

• East Anglia has seen a dramatic increase in both rents, and average salaries over the last month

To view this index please Click Here
Meanwhile the September HomeLet Rental Index has just been released and reveals some very interesting statistics about the lettings industry – specifically this month about young people. According to the latest report, London is now home to the youngest and most affluent tenants in the UK.

It also shows that an increase in youth unemployment and the continuing difficulty in getting on the property ladder may be forcing people to stay at home and remain in the private rented sector for longer.

With regards to rental prices, the average UK rental cost fell in September, when compared to August, to £788. This is only the second month-on-month fall in agreed rental prices in 2011. However, despite falling slightly, the average agreed UK rental amount in September 2011 was still 4.5% higher than rents recorded in September 2010.

If you are looking for Landlord or Tenant Insurance pay a visit to the HomeLet Insurance site HERE

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