Landlords profit as rents hit new heights

As the demand for rented property continues apace, prospective tenants are now seeking advice on how to secure a tenancy, and apparently it isn’t always that easy.

The news that the average rent rose once again in August, (the seventh month in a row) will convince many landlords that the time is right to purchase even more cheap landlord insurance as they look to expand their portfolios, and who can blame them. The August figures show that the average rent in the UK is now £712 a month, and the average rent in London is now well past the £1000 a month mark. And yet there is no end to the amount of people looking to get on the rental ladder.

Decent properties now often have several clients competing to secure the tenancy and prospective occupiers need to be on their mettle if they want to get their feet across the threshold. In many cases tenants are finding the best solution is to share a property with someone else. It certainly helps on the financial side of things and will possibly mean that you end up living in a better apartment in a better area.

Matt Hutchinson of Spareroom.co.uk explained that knowing what you want and where you are prepared to live will aid a successful outcome, he said: “You may be able to rent more cheaply if you can compromise by living a bit further out of town, taking a smaller room in a house-share, or sharing a room with your partner. To stand out from the competition, get your finances sorted upfront and be ready to commit when you see the property you want.”

That sounds like good advice but there are reports of gazumping in the London letting sector and tenants do seem vulnerable to market pressures at this moment in time.