Rental property boom as more people go it alone

A new study* from Cover4LetProperty has revealed that the amount of people living in rented property has increased by 8% since January, with over a third of Brits (40%) living in social or private rented property.

The landlord insurance specialist compared their latest findings with those carried out earlier in January 2014* and also in May last year*, to see if there has been any change in home ownership and renting trends.

They found that:

• 50% of Brits currently enjoy home ownership (with or without a mortgage) - an increase of 10% since January 2014 and 22% since May 2013;
• less people are living with friends and family – just one in ten compared to nearly a third (28%) when previously surveyed in both January 2014 and May 2013;
• the amount of women living in rented accommodation has nearly doubled since January 2014 from 15% to 29% (which is still less than the 52% living in rented property in May 2013);
• there has been a 12% increase (from 43% in January 2014) of men living in rented property (the figure was 37% in May 2013);
• those in the 30-39 age group are most likely to live in rented property – previously the most prolific renters were aged 40-49 in January 2014 and aged 50-59 in May 2013. These figures show a trend for younger renters;
• while previously in May 2013, 91% of 18-29 year old respondents lived with family or friends, this dropped to 40% in January 2014. As at November 2014, this figure has dropped further to 33%;
• 20% of those living with friends and family do not pay rent (down 6% since January 2014 but up from 16% in May 2013).

Ends

* Independent studies carried out for Cover4LetProperty November 2014, January 2014 and March 2013 by Usurv

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 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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