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More and more young adults are still living with their parents, unable to afford to rent or buy property of their own according to the Office for National Statistics.

Last year, the ONS say nearly three million adults aged from 20-34 were living with their parents, an increase of 20%, since 1997, that’s an increase of almost half a million people!

The rise comes despite the fact that the number of people within this age group has barely changed.

Altogether, 64% of men, almost two in three, aged between 20-34,  now lives with his parents, and so do 46% or nearly half of all women in the same age bracket

However, by age 34 there is a rapid change of circumstances, with only 7% of men and 2% of women still living with their parents.

David Orr, National Housing Federation chief executive, blamed the rise on the lack of affordable homes, saying: “The options are severely limited and out of reach for many young people. Much more needs to be done to tackle this country’s dire housing crisis.”

The average age of the UK first-time buyer is now 30, according to research from Clydesdale and Yorkshire banks, but varies considerably across the UK: for example, 28 in Yorkshire, but 36 in Wales and 33 in London.

According to LSL’s latest index, the average monthly rent across England and Wales is now £709 – 2.4% higher than in 2011.

Rent arrears fall again in 2012

More UK Landlords Using Rent Guarantee Products

Private Rented Sector (PRS) rent arrears dropped in February with 9.3% of all rent late or unpaid at the end of the month, down from 10.7% in January.

With household bills increasing, UK unemployment still rising and the whole country still struggling to avoid a double dip recession as a result of the Eurozone crisis, together with the government’s welfare reforms and public sector belt tightening, there hasn’t been a great deal of optimism around, especially from landlords.

However, figures released by LSL property services show that UK landlords have a little less to worry about, with the amount of rent arrears and late payments falling again.

Either private sector landlords are having an excellent run of good fortune, having tenants who are able, paying the rent in full and on time, or they have become smarter and are now utilising the range of Rent Guarantee products that are currently on the market, to ensure they get paid and their monthly cashflow doesn’t suffer.

Being a landlord and letting a property in the UK means there will always the risk of the tenant not paying the rent, (rent default).

Even the best tenant referencing service cannot predict if a tenant will lose their job and fall on hard times and not be able to pay their rent.

How do landlords cover their expenditure if this happens?

In today’s struggling economic climate, many UK landlords are finding their tenants struggling with rising unemployment and increased bills. Often leading to the rent not being paid and the tenant facing eviction when the amount of rent arrears exceeds 8 weeks.

Recovering arrears can be difficult and costly for landlords, without any guarantee of success.

At Legal 4 Landlords, our Rent Guarantee Insurance will cover landlords against their tenant defaulting or failing to pay the rent.

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