Monday, 14 April 2014

HomeLet Insurance survey finds UK rents see largest increase since March 2011

HomeLet the specialist Landlord and Tenant insurance provider have just published their latest Rental Index of UK rates.

From this they report that Wales and the West Midlands were home to three consecutive monthly decreases in average rental amounts to £580 and £592 per month respectively. Both amounts are also the lowest since October 2013.

The North East’s monthly and annual decreases of 2% and 16.6% respectively to £492 per month, means average rental amounts are at their lowest since January 2010.

Only four of the UK’s regions saw monthly increases in average rental amounts.The average amount a tenant earns in the UK increased by 6.2% during the past 12 months to £29,000
Although Greater London saw a 0.2% monthly decrease in average rents, the average cost of renting a home in the capital is 7.3% higher than the same time last year.

The North/South divide widens as rents in the capital increase to almost three times those in the North East and Martin Totty, Chief Executive Officer of Barbon Insurance Group, the owners of HomeLet Insurance commented "The flexibility of renting a home means tenants are able to move into a new home within weeks. It’s an alternative housing solution for a range of people and it’s increasingly the preferred choice of many.

There’s certainly been a shift in the demographic, expectations and lifestyle of tenants within the private rented sector, and I believe the trend of ‘generation rent’ will continue to grow for the imminent future."

If you own a "let property" or are thinking of buying one make sure you insure the property through a specialist company like HomeLet Insurance. They have been in this business for years now and of course look after tenants, including students as well.
To find out more visit the HomeLet Insurance site here

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