Landlords enjoying higher returns as survey shows rents increase
A new study* from Cover4LetProperty has revealed that nearly one in 20 of all renters (18%) have seen up to a 10% increase in the cost of their rent in the last year**. A further 6% saw a rental increase of up to 20%. The annual rate of inflation stood at an average 1.5% during the same period.***
The landlord insurance specialist revisited a previous survey from a year ago**, to see if there are any changing trends in the rented property market. They found that:
- 16% of the adult population are living with family or friends (down from 28%);
- home ownership (with or without a mortgage) has increased by 12% since January 2014;
- 22% of those who live with family or friends do not pay rent – a 2% decrease since last year’s study;
- of those, 50% are in the 18-29 age bracket;
- the amount of people who have always lived at home remains the same at 28%;
- previously, 10% of respondents had recently returned to live at home due to divorce or to care for a sick parent. The latest study shows that none of the respondents had recently moved back home.
Ends
* Independent study carried out for Cover4LetProperty February 2015
**Independent study carried out for Cover4LetProperty January 2014
Contact:
Richard Burgess, MCIM, ACIEH, 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 nearly 70 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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