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Home ownership may be up, but doesn't mean landlords should feel down

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A new study* from Cover4LetProperty has revealed that the amount of people living in rented property has decreased by 12% since May last year, with nearly a third of Brits (32%) living in social or private rented property.

The landlord insurance specialist compared their latest findings with those carried out last year**, to see if there has been any change in home ownership and renting trends. They found that:

  • home ownership (with or without a mortgage) has increased by 12% since May 2013;
  • nearly a third (28%) of Brits live with family and friends (no change);
  • the amount of women living in rented accommodation has dropped from 52% to 15%, while there has been a 6% increase (from 37% up to 43%) for men;
  • those in the 40-49 age group are most likely to live in rented property;
  • while previously, 91% of 18-29 year olds lived with family or friends, this has dropped to 40%, suggesting younger people are getting a foot on the property ladder;
  • 25% of those in the 50-59 age band now live with friends or family. Previously, none did;
  • 20% of those in the 18-29 age group have recently moved back home citing reasons such as divorce and lack of finances;
  • those who earn £40,000 or more a year are just as likely to live in rented accommodation as those who earn less.

Richard Burgess, Director at Cover4LetProperty, comments: “The research shows that there is a level of recovery in the home ownership market with many more people now living in their own homes, and the number of people in rented accommodation decreasing. This could in part be as a result of the Help to Buy scheme***. That said, it is not a time for landlords to feel downbeat, as there is still a buoyant rental market. It will be interesting to see the impact the new influx of potential tenants from Eastern Europe will have on the demand."

Ends

* Independent study carried out for Cover4LetProperty January 2014 by Usurv

**Independent study carried out for Cover4LetProperty May 2013 by Usurv

***Help to Buy scheme Metro newspaper, 2nd January 2014

Contact:

Richard Burgess, MCIM, Director at Cover4LetProperty, telephone: 0845 863 9558 or email: richardb@alanblunden.co.uk

About Cover4LetProperty:

With roots going back to 1946, our clients can benefit from 68 years’ of experience in the landlord insurance marketplace. We are award-winning independent intermediaries and act on behalf of our clients in arranging their buy to let and unoccupied property insurances. Our service includes advising clients on their insurance needs, arranging insurance cover with insurers to meet those requirements and help with any ongoing changes that have to be made to their landlords insurance policies.

In 2011 we were proud to beat off some stiff competition for the award for Best Landlord Insurer in the prestigious The Money Awards.

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landlords Richard Burgess tenant landlords insurance cover4letproperty rented accommodation wwwcover4letpropertycouk

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Quick facts

They found that: • home ownership (with or without a mortgage) has increased by 12% since May 2013; • nearly a third (28%) of Brits live with family and friends (no change); • the amount of women living in rented accommodation has dropped from 52% to 15%, while there has been a 6% increase (from 37% up to 43%) for men; • those in the 40-49 age group are most likely to live in rented property; • while previously, 91% of 18-29 year olds lived with family or friends, this has dropped to 40%, suggesting younger people are getting a foot on the property ladder; • 25% of those in the 50-59 age band now live with friends or family. Previously, none did; • 20% of those in the 18-29 age group have recently moved back home citing reasons such as divorce and lack of finances; • those who earn £40,000 or more a year are just as likely to live in rented accommodation as those who earn less.
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The research shows that there is a level of recovery in the home ownership market with many more people now living in their own homes, and the number of people in rented accommodation decreasing
Richard Burgess, Director at Cover4LetProperty
it is not a time for landlords to feel downbeat, as there is still a buoyant rental market. It will be interesting to see the impact the new influx of potential tenants from Eastern Europe will have on the demand
Richard Burgess, Director at Cover4LetProperty