LONDON, October 19, 2012 /PRNewswire/ --
It has recently been reported that a rise in the level of rent has led to a rapid increase in the amount of tenants contacting a debt advice charity this year. A leading landlords insurance website, PropertyQuoteDirect, has been explaining that ever increasing rental prices can become a dangerous situation for any of us to encounter.
Joe de Vries, of PropertyQuoteDirect, has stated: "With rental demand having inflated over recent years it is no surprise at all that rents have increased too. As demand has increased, supply has decreased and this has forced rents up. However, if this continues then we may encounter a dangerous situation whereby more and more people are being priced out of, not only buying a property, but renting one too."
PropertyQuoteDirect have also learnt that rental arrears have increased with one in ten of those that rent their home having fallen into arrears. This has increased from 8% last year and 6% the year before. This demonstrates that arrears are an increasingly significant issue in the UK.
Furthermore, PropertyQuoteDirect is also concerned at the strain rental arrears will put on the tenants affected. With 10% of all tenants falling into arrears that would suggest a substantial amount of people will be at risk of falling into deeper and deeper debt.
Rental prices are at a new high of £734 per month, on average, across the country and it doesn't look like these prices are going to decline any time soon either.
PropertyQuoteDirect advise that it is essential to take all costs into account before agreeing to a tenancy agreement in order to ensure that tenants will be able to afford their rent.
PropertyQuoteDirect are part of Bedford Insurance Services. In order to request a quote, simply visit their website today.
Joe de Vries