Landlord insurance customers around the UK are now enjoying far better conditions, after it was revealed that the cost of renting has increased once again in August.
And this was not the only good news, either, as the latest data from LSL Property Services said that more tenants are now able to afford their rent, meaning rental arrears across the nation are falling.
The company said August saw the cost of renting leap upwards by 0.7 per cent when compared to July, sitting at £743 on average per month.
This was also a full 1.3 per cent higher than a year ago, which may come as a surprise to many given how many people have left the rental market to buy their own homes on the back of governmental incentives.
In fact, these do not seem to have had much of an impact on the market at all, with LSL stating that the number of tenants across the country has continued to increase in the past few months, jumping by 8.8 per cent between July and August alone.
In addition to this, there are now 13.7 per cent more tenants than there were a year ago, something of a surprise given the number of people who have been able to get themselves a mortgage in the past 12 months thanks to Funding for Lending coming into play.
David Newnes, director of LSL Property Services, said: "As hundreds of thousands of new households look for homes, it’s increasingly private renting that’s absorbed the pressure. Autumn brings the seasonal peak for the rental market, in part due to the spike caused by student renters, and the sheer volume of lettings activity shows demand this year is as strong as ever."
The company also stated that arrears are on the fall in the UK private rented sector at the moment. It said that these collectively fell by £10 million throughout the month, with this able to be attributed to the growing number of people in the UK who are now finding employment again.