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TENANTS URGED TO PROTECT THEMSELVES IN RENTAL RUSH

TENANTS URGED TO PROTECT THEMSELVES IN RENTAL RUSH (Renting - House / Flat)

by administrator @, Friday, September 02, 2011, 09:45

With the demand for rental properties at a three year high due to a lack of affordable housing, it's vital tenants rent a property through a fully regulated letting agent, says HomeLet.

This appeal follows new statistics suggesting the proportion of home ownership in England, which has been falling steadily for the last 10 years, could decline further from its current rate of 67% to 63.8% over the next decade.

Forecasts from Oxford Economics are based on assumptions that affordability will worsen, as employment prospects and wages fail to keep up with a predicted 21% rise in house prices over the next five years.

With the rental market booming as a result of less people purchasing their own home, in an industry yet to be regulated, HomeLet therefore wants to make sure all tenants protect themselves by signing up to a tenancy agreement through a recognised letting and management agent.

John Boyle, HomeLet's Managing Director, said: "First time buyers are finding it increasingly difficult to get onto the property ladder and as a result we've seen an increase in both demand and rental prices.

"The HomeLet Rental Index not only shows how the average price of a rented property in the UK soar to £767, but also how over the past three years the number of tenants aged 26 to 35 who were previously living at home has increased.

"This could indicate people of this age, who'd normally purchase their own property, are now being forced to rent as they cannot meet strict mortgage stipulations.

"As a result the number of tenants earning higher salaries has also increased - over the past month alone, the average salary of a UK tenant increase by 1.3% to £27,725. This could mean those earning a lower income are being priced out of the market as the competition to rent a decreasing amount of rental homes increases.

"In turn this could lead to tenants being attracted to rent properties that are not managed by a fully regulated letting agent as they see it as the only way to move into their own home.

"So while the Government recognises the need for more housing stock, it's also vital during this rental rush tenants protect themselves, and are given peace of mind their money is safe during a time of economic uncertainty."

www.homelet.co.uk

Tags:
tenants and renting


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