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UK PRS Landlords Expect Tenant Demand To Increase

UK PRS Landlords Expect Tenant Demand To Increase

42% Of UK PRS Landlords Plan 2014 Rent Increases

According to the latest survey by specialist house share website, Spareroom.co.uk, 42% of UK private rented sector landlords expect to increase rental prices over the next 12 months and of those some 26% are planning to increase rents by more than 3%, which is significantly higher than inflation.

In their latest Rental Index, Spareroom revealed the average cost of a double bedroom in a shared house increased by 4.5% in the final quarter of 2013, reaching a new average of £507 (GBP) per calendar month.

Room rents in London also saw a rise in prices, with an increase of 2% over the same time frame, meaning the average cost of a double room in a shared house in the nation’s capital is now at an average cost of £676 (GBP) per calendar month.

Whilst some landlords plan to increase rental prices, 58% of Spareroom’s Rental Index respondents stated that they will not be raising rents and 5% of UK PRS landlords claimed that they intend to reduce rents during 2014. 

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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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