Survey finds fewer people living in rented accommodation

A new study* from Cover4LetProperty has revealed that over a quarter all renters (26%) have seen up to a 5% increase in the cost of their rent** – more than the current rate of inflation which stood at an average 2.5% during the same period.***

The landlord insurance specialist revisited a previous survey from May 2013**, to see if there are any changing trends in the rented property market and found that:

• 28% of people living in rented property had a rent increase over a year ago;
• 4% saw their rent increase by up to a staggering 20% during the same period;
• over a quarter of the adult population (28%) are living with family or friends;
• the number of people who now live in their own home with or without a mortgage has increased by 12% since last May (now 40%);
• 32% live in rented property – down 12% since May 2013;
• 26% of those who live with family or friends do not pay rent – a 10% increase over the last nine months;
• 22% of these are in the 40-49 age bracket (a decrease of 9% compared to the original study);
• 28% have always lived at home (down 6%);
• 10% have recently returned to live at home due to divorce or to care for a sick parent, with nearly three times as many men doing so compared to females (13% vs 5%).

Ends

* Independent study carried out for Cover4LetProperty January 2014 by Usurv

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

** http://www.rateinflation.com/inflation-rate/uk-historical-inflation-rate?start-year=2013&end-year=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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