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Tenants Share To Cut Living Costs

Tenants Share To Cut Living Costs

Private Rental Sector Tenants
still struggling to make ends meet

With the amount of would-be tenants looking for shared accommodation is reported to be up by 31% since 2011, suggesting that UK tenants are looking at sharing property with other tenants in order to counter increasing living costs and ensure that the rent is paid, however, Rent Guarantee Insurance is a better idea.

Research by house-share website Spareroom.co.uk found that for single tenants, renting property by themselves is not really an affordable option, so many tenants are turning to flat or house sharing in a bid to save cash.

The website recently surveyed its users and discovered that 51% had returned to flat and house sharing after previously renting property in the UK PRS alone or with a partner.

Spareroom tell would-be tenants that huge financial savings can be made by renting a room in a shared rental property, rather than renting the whole property.

The average cost of renting a one-bedroom flat in the majority of the UK, is £12,669 (GBP) per year (including bills), while the cost of renting a room in a shared rental property is just £6,079 (GBP) with bills included, a saving of £6,590 (GBP) per year.

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Uncertainty Remains Over Recovery Of Universal Credit Rent Arrears

Uncertainty Remains Over Recovery Of Universal Credit Rent Arrears

The UK Government are to introduce a mechanism to automatically recover rent arrears, alongside the direct payment of housing benefit to tenants.

Details released last week by the government explained that under the welfare reforms landlords will now be able to contact the Department for Work and Pensions (DWP) to request Universal Credit benefits designed to cover housing costs of tenants are paid to them once a prescribed level of rent arrears have been reached.

At this point the DWP will recover the arrears by docking universal credit payments to tenants.

In its response to a Communities and Local Government (CLG) select committee report on the implementation of universal credit, the government says deductions can be up to 5% under existing legislation, but the government are considering whether this level of deduction is appropriate for tenants claiming universal credit, or if it should be increased in the future.

Under the new universal credit scheme, which is being rolled out nationally in the UK from autumn 2013, a range of benefits, including Housing Benefit (HB) or Local Housing Allowance (LHA), will be combined into a single monthly payment termed “Universal Credit”.

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