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HomeLet
launches Rental Price Index
Released 7th
June 2011 HomeLet,
the UK’s leading provider of tenant referencing and specialist insurance to the
lettings industry, has launched its own Rental Price Index. 
(More info click on image
on left) 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 Price 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.” Some
of the findings of the report - The
average agreed rental amount in the UK decreases The average agreed rental amount
in the UK fell by just one pound in May, when compared to April, and now stands
at £747. But rents remain considerably higher than May 2010.
-
There are large variations in achieved rents on a regional level Although the
national average shows a slowdown in rental amounts, the regional picture shows
that many areas are seeing considerable increases, whilst others are showing considerable
decreases in achieved rents.
-
Rents increase signifi cantly in the West Midlands but drop further in the North
West The largest regional variation in the UK shows a 6% increase in rents for
the West midlands, but a 5% decrease in the North West.
-
The increase in achieved rental levels in London begins to slow Rental levels
are still increasing in London, but they only rose 0.42% in May when compared
to April. This is the lowest level of month-on-month growth in 2010.
-
The number of younger tenants continues to decrease in the UK Long term fi gures
show that the proportion of younger tenants (18 - 25) has continued to drop year-onyear
since 2008.
Rents
keep rising in the West Midlands, but rents drop in the North West To
view the full report Click
Here or for more information email mediaenquiries@homelet.co.uk Source
HomeLet
HomeLet
is a trading name of Barbon Insurance Group Limited which is authorised and regulated
by the Financial Services Authority. Registered in England number 3135797. Registered
office address: 4-9 Highview, High Street, Bordon, Hampshire GU35 0AX.
Looking
for Landlord or Tenant Rental Insurance? Click on logo 
See
also
HomeLet
(Group) Press Information: 
HomeLet
launches Rental Price Index - June 2011  HomeLet
win Silver Award for the Supplier of the Year category at the Estate and Letting
Agent Awards - ESTAS More
Here
HomeLet
insurance leading the way - February 2011 December
news from HomeLet Landlord and Tenant Insurance - December 2010 HomeLet
Insurance encourages Landlords to think about Rental Guarantee as difficult times
face tenants - October 2010 HomeLet
Mousemat for Tenant's Contents Insurance- October 2010 HomeLet
Rental Index shows surge in rents for the South West of the UK - October 2010 HomeLet
Insurance launch new forum for letting agents - June 2010 HomeLet
and Martin & Co offer new cover for Landlords - June 2010
There
are a record breaking number of renewals for Martin & Co - June 2010
HomeLet
sponsors Bloom Apprenticeship Academy for Estate and Letting Agents - June 2010 Do
landlords really need specialist insurance? - June 2010 Rent
Guarantee claim a landlord's experience - June 2010 HomeLet
Insurance update - June 2010 The
Letting Agent of the Year Awards - June 2010 Grant
Shapps appointed as new Housing Minister - May 2010 Pinkerton
Murray Strikes Gold - May 2010
Students to get Extra Protection from Crime via HomeLet
Insurance - May 2010
Rising
Rents Pose Potential Risk for Landlords in the UK - April 2010 HomeLet
insurance run for charirty - March 2010 HomeLet
Launches £500 Prize Draw for Landlords - March 2010 Rental
Increases could see a reversal of Fortune says HomeLet Managing Director - March
2010 HomeLet
offers More Benefits for Premier Customers - March 2010 Agents
Positive about the Future of Lettings - February 2010 Cold
Snap Could Prove Costly for Landlords says HomeLet Insurance - January 2010 HomeLet
Launch New Range of Landlord's Insurance - December 2009 HomeLet
Insurance offers service guarantee to Letsense Agents - December 2009
HomeLet
to launch innovative new insurance policy product - December 2009 Demand
for HomeLet insurance doubles - October 2009 HomeLet
releases a new Tenant's contents insurance product available via jml insurance
- HomeLet rental insurance have cut the cost of tenants insurance from the 19th
June 09 with a new policy that is available via jml insurance - June 2009 Barbon
Insurance has acquired Zennor Ltd - April 2009 Tenants
should Insure against recession related crime - February 2009 New
Managing Director for Letsure- Barbon Insurance Group has announced the appointment
of Ian Fraser as Managing Director - January 2009
New
Chief Executive for Barbon Insurance - September 2008 Barbon
Insurance Reveals Latest Financial Results - September 2008 EIS
Completes Rebranding Exercise to Become Barbon Insurance Limited -August 2008 jml
Insurance are very pleased that HomeLet and Letsure are now under the Barbon Insurance
Group umbrella - August 2008 Martin
& Co announces three year deal with HomeLet - July 2008 HomeLet
staff gain promotions - June 2008 New
Customer relations manager for EIS Insurance Solutions - June 2008 EIS
sale completed - New and stable long term ownership - April 2008
EIS
separates from Erinaceous Group - New and stable ownership - April 2008 Erinaceous
placed in administration - April 2008 jml
Insurance will now be introducing Homelet Landlord & Tenant insurance instead
of Letsure - March 2008 Erinaceous
puts insurance division up for sale - January - February 2008 Brian
Turney has left Lumley Letsure - June 2007 Erinaceous
Group Plc Opens Property Management Office in Dublin, Ireland - May 2007 HomeLet
IPEX -Landlords set for buy-to-let revolution as new scheme launched - March 2007 HomeLet
Rental insurance launch Portfolio Insurance from 10th July 2006 in the UK Letsure
has a new Glasgow offices December 2005 HomeLet
launches new low cost option landlord’s protection - July 2003
Also:
HomeLet Landlord & Tenant Insurance Sponsors Negotiator Award The 2008 awards
from The Negotiator Magazine took place at the London Hilton on the 11th November
Return
to insurance Industry Press Releases See
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