20% of people in the UK struggle to pay their rent on time, and 28% of these people are in the South West. Whether it’s because their rent eats up the majority of their paycheck, or it’s because they’re
struggling to balance their finances so are always in arrears – the increasing rent prices around the country are still very much a problem for some.
Research shows that it’s the UK’s millennial generation aged 25 – 34 that are struggling the most, with 27% of them admitting difficulties paying their rent. Average wages are below where they were in 2007 whilst the cost of living continues to rise, so it’s not difficult to see why a third of millennials are predicted to rent into retirement, unable to get on the housing ladder.
To make matters worse, UK rent prices are expected to climb by 15% over the next five years, as the supply of rental
accommodation goes down but demand for tenants continues to go up. The South West has been predicted to see the sharpest growth in rental prices, and saw the fastest rising rent prices in the country this year. Prices in areas such as
Cornwall, Devon and Bristol rose by 3.4%, bringing the average rental price up to £686.
The UK’s first landlord insurance
comparison site, Protect Your Bricks, compares the whole market for
landlords to provide them with a complete range of products for their needs, helping them to decide which level of cover is best for them, all free of charge. With many tenants straining to meet rent payments, it’s more essential than ever that landlords are covered in the event of late payments and difficulties.
To celebrate famous tenants of our time, both financially challenged and financially able, Protect Your Bricks have an awesome new quiz that reveals your TV tenant twin. Whatever your tenant
tendencies, there’s one of 70 quintessential great TV tenants of our time that shares your spending habits, your cleaning skills (or lack of), and your go-to music choices. Are you always missing your rent payments like Penny from The Big Bang Theory, or do you not even notice it leaving your
account like Sex & The City’s Mr Big? There’s only way to find out… click here https://www.protectyourbricks.com/famous-tenants/
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