HomeLet, the UK’s leading provider of tenant referencing and specialist insurance to the lettings industry, has launched its own Rental Index. It is the most detailed report on the sector to date and reveals information never seen before, including tenant age, demographics and actual rental prices in each UK region.
The first report shows the average age of tenants has increased every year since 2008. This is because first time buyers are staying on the rental market as they are unable to purchase their own home. Coupled with a decrease in the percentage of younger tenants who are forced to stay at home due to the turbulent economy, means the age of the average UK tenant has slowly gone up.
This increase in average age has also changed the dynamics of the type of properties being rented. More families on the rental market means the demand for larger properties has rocketed. In the areas where housing stock is readily available, for example the West Midlands, rental prices are increasing as there is healthy competition between landlords.
However, in those areas where there are fewer larger houses available, for example in the North West, people are forced to move out of the area – to those with larger properties to rent – therefore decreasing the amount of tenants, and also rental prices in the region.
John Boyle, Managing Director of HomeLet, said:
“HomeLet’s Rental Index offers a fascinating insight into the private rented sector, and this first release alone has highlighted a long term shift in the dynamics of the UK housing market.
“The report, which will now be released every month, is a first for the lettings industry. It not only reveals the most in depth information on the sector, but also bases data on actual rental prices, rather than advertised costs – as used by other reports currently available. In addition, statistics are gathered from all our referenced applicants and letting agents. Combining these - around 37,000 referenced applicants (number of applicants referenced in May 2011) with over 3,000 letting agents - makes the HomeLet Rental Price Index by far the most robust and comprehensive lettings industry report in the UK.”
To view the full report or for more information email firstname.lastname@example.org or call 01522 838749.