WITH dramatic changes in the UK housing landscape the rental market is now thriving, my advice to tenants is to continue to protect their contents and valuables with good Renters Insurance.
The global financial crisis has had a long-lasting effect on the UK economy as a whole, and despite some green shoots now emerging in the housing market the sub-prime debacle and rise in unemployment has changed the make-up of the housing market in the UK, with senior officials in the market predicting Britain could easily become a nation of renters.
The UK government has been urged to take action to make property ownership more attainable; the challenge now with mortgages being less affordable is that people are unable to purchase their own home. According to Countrywide, based on current trends the average homeowner will move once every 25 years as opposed to once in every 12 years when the housing market was at it’s peak.
Countrywide’s research revealed that just 32 per cent of those who live in private rented accommodation are happy with their current living arrangements and many may struggle to move out of their apartment or block of flats as they cannot afford to put together the deposit they need in order to purchase a property. Concerns over conditions in the labour market were also said to be affecting sentiment among young adults. Nearly one in five people aged between 18 and 24 said they are not buying because they are worried about their job security, while almost one in three said they doubt they can afford to meet mortgage repayments.
There is no doubt that this is all good news for Landlords, and aspiring Landlords as demand for rental property continues to outstrip supply, people need to save longer for mortgage deposits or are waiting for further confidence to be restored in the job market before committing to a significant loan.
If you are a renter, this increased demand in the rental market has lead to one thing – rent increases. Now if you are a suffering renter looking to make ends meet then please do not sacrifice your insurance cover as this is vital protection for the belongings you value.
Renters insurance will cover your contents and possessions and it is surprisingly affordable for event the most limited household budgets, the average policy price in the UK being around £150 according to our research, you can then rest assured that all of your belongings are insured against theft, fire, water damage or any other mishap that may occur.
Optional extensions to your cover include accidental damage for your belongings and cover away from the home for your valuables, these can include your phone, iPad, sports equipment, camera’s etc.
If you need Renters Insurance please visit The Property Insurer and click on the renters insurance button, your quote should take 5 minutes to complete and your can buy online from our specialist insurance partner.
The Property Insurer