LONDON, June 18, 2012 /PRNewswire/ --
PropertyQuoteDirect have been considering the very real possibility that over a million people aged under 30 years old will be unable to buy property and will therefore be forced to rent by the end of the decade. This is thus likely to flood the rental market which could then in turn increase the price of rent.
With a predicted 1.5 million extra under 30s unable to get onto the property ladder by the year 2020, the rental market is likely to become even more overcrowded than it is today.
PropertyQuoteDirect, a leading landlord insurance website, have offered their view as Joe de Vries explained: "These predictions are quite alarming. With over 1.5 million extra people coming onto the rental market, a vast number of additional properties will need to be supplied in order to cope with demand. Many existing landlords may already be looking to expand their portfolios with a view of making a long term profit towards the end of the decade."
PropertyQuoteDirect hopes rent will not rise by a substantial amount and it is believed that it will be more than possible for landlords and tenants to make rent more affordable and stable. Mr de Vries added: "It is extremely important that we avoid a situation where rents rise sharply due to sheer volume of demand."
PropertyQuoteDirect have warned that with further squeezes on salaries, increasingly unaffordable rents and an increased difficulty when saving for a deposit, a large number of people may well struggle financially for the foreseeable future. The state of the economy and the housing market is really rather unforgiving at the moment.
PropertyQuoteDirect is part of Bedford Insurance Services and they offer more than just landlord insurance as they also offer property insurance deals too. If you'd like to request a quote simply visit their website today.
Joe de Vries