House prices in UK cities have outpaced earnings growth by 11 per cent, as affordability reaches its lowest level since the global financial crisis. This puts home ownership out of reach for a growing number of people in the UK, meaning more and more households in the UK are now renting.
The rental market
• The UK’s private rented sector increased by 1.7 million households between 2007 and 2017
• It’s predicted that 1 in 4 households will be renting privately by the end of 2023.
Without sufficient financial protection in place, many renters could find themselves losing the roof over their head if the worst was to happen or if they are unable to work due to sickness or injury. And when you consider renters spend 40% of their income into covering household costs, double what owner-occupiers would pay (19%), having protection in place is more important than ever.
How can we help the rental market?
A Rental Protection Plan covers the cost of the tenants rent if they become ill or injured and were unable to work, or if they suffer a specified critical illness or were to die during the length of the plan. To learn more about a rental protection plan, please do not hesitate to contact us.