According to a recent rental index compiled by the house and flat share website, EasyRoommate, surprisingly London doesn’t top the list as the UK’s most costly city for tenants to live in the UK, reports the Telegraph.
The index shows that London was beaten into second spot by Guernsey as the most expensive place to rent a room in a shared house or flat. The chief executive of eMoov, Russell Quirk is reported as saying “Given that it’s an island with restrictions on construction, there’s a shortage of property to rent,” he also added that “Particularly as many homes are used for holiday lets.”
In the article London’s rental properties have also seen an increase in the average number of tenants competing for each room available during 2014 to ten, in comparison to just six in 2012. Karim Goudiably, chief executive of EasyRoommate said “The cultural norm hasn’t just shifted from buying to renting, but now Londoners are flatsharing more than ever before.”
Demand for housing extends beyond the capital as the next five areas on the list are all located in surrey, which forms part of the London commuter belt.
The report indicates that the South East is not the only part of the UK facing high demand for accommodation. The good news for landlords north of the border is that there are also a high number of people chasing every room, with an average of thirteen in Edinburgh and Glasgow not far behind with twelve prospective tenants per room.
Based on users of EasyRoommate , professionals make up the largest percentage of people who share flats in the UK at 57percent, with the smallest group at just 1 percent being retirees. Not surprisingly students make up nearly a quarter of those who flat and house share.
So great news for landlords who want to expand their rental property or HMO (House in Multiple Occupation) portfolios, as well as those who are looking to invest in the buy to let property market for the first time.
Landlords should always check their property insurance to ensure it covers multiple tenants and that they are complying with current licensing laws and legislation. If your property is rented out on a flat or house share basis then Click4quote.com can provide let property insurance for up to six individual tenants as well as a range of different tenant types under one policy. For more information on landlord insurance for HMO’s call us on 03450 89 90 91 or get a quote online today.