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24th August 2011

HomeLet Rental Index

Martin & Co Wirral South are pleased to announce the July 2011 HomeLet Rental index is out now and reveals some very telling signs of how the UK population is continuing to struggle in today’s economic climate.

Data gathered in the report shows that rents have reached a three year high as people suffer the consequences of lack of mortgages and high deposit demands from lenders. The average rental price in the UK rose 2.2% from last month, and now stands at £767. In the Wirral prices are on a slight increase and this is especially true when a property is put back on the market. 

Another headline that’s emerged is that there’s been a 16% increase over the past year in the number of tenants aged between 66 and 70 who have sold their home to live in a rented property.

With pensions been squeezed, and living costs increasing, this is a worrying statistic for our ageing tenants who are having to sell their family home to apparently free some equity and pay for their living costs.

In the Wirral we are seeing an increasing number of people from 30 upwards who are selling their homes and moving into rented accommodation

There’s been some interesting regional activity as well over the past month. Yorkshire and Humber rents are at a three year high at £572 after increasing 4% from June – but it’s still thesecond most affordable place to rent in the UK. The South West saw the largest increase in rental costs – they are now 4.9% higher than in June

With regards to tenants, the latest HomeLet Rental Index shows over the past three years there’s been an increase in the number aged between 26 and 35 who were previously living with a relative. There’s also been a 7% decrease in the number of UK tenants aged between18 and 21, compared to July 2010

You can view the full report by visiting www.homelet.co.uk/rentalindex