Rent prices continue to fall
With the housing market in the current situation, there has been an increased amount of people that have been forced to let out their property. The situation has affected the amount of potential buyers looking to purchase a house, meaning current house owners are struggling to find a buyer.
Every area across the UK has been witness to a fall in rent over the past 12 months, with the current average rent still at £819 a month, 5.5% lower than that of last year. An increase in the number of flats available to the UK market has meant that it is now cheaper to rent a flat than a house.
In relation to this the rental market has now become a haggling ground for existing tenants. With the chance to have their rent lowered and the added bonuses of some basic bill being added to the rental price.
With more and more ‘accidental landlords’ entering the market some tenants are taking advantage of their lack of knowledge and attempting to avoid paying rent or a deposit. Landlords are finding themselves out of pocket. Insure My Let Property is a site that can help landlords insure against this sort of loss with rent guarantee meaning that lost rent can be claimed back.
News brought to you by Insure My Let Property offering help and answering any questions you may have regarding insuring your let properties.
June 01st 2009