Rental Sector Booming

Gathering a Deposit

First time buyers are having great difficulty in saving for a deposit. Figures show that 64% of home buyers, rent a property before they can buy one.

According to the research from Clydesdale and Yorkshire Banks, with an average monthly rent of £681.70, gathering a deposit is far more perplex.

21% of those who stay with parents, don’t have to pay rent, hence saving this money towards their deposit.
However, 52% do pay a fixed amount every month, while 22% contribute towards food and bills and others simply pay what they can afford on a monthly basis. Those renting, 28% say it is far more pressure for them to buy a property.

‘Buying a first home is one of life’s most significant financial milestones and the banks can work with the individual needs and circumstances of potential first time buyers to help make their dreams of becoming a homeowner a reality,’ said Steve Fletcher, head of customer banking networks at Clydesdale and Yorkshire Banks.

As it is, most people rent without knowing how to deal with the situation if they were to become ill.

34% shows that they do not know how to survive, if it was to be as such. 60%, who thought about it, said that they would be able to survive for a maximum of three months only.
With housing benefits cut, more and more will realise that they will hardly get any help in regards to paying their rent, if their salary were to fall drastically.

Let alone, falling ill, they will fall in arrears and hence facing eviction on top of that.

As the head of protection Debbie Kennedy said: ‘It would be bad enough to be taken ill without the added anxiety of getting behind with the rent and facing possible eviction.
Income protection may be more affordable than people realise and can provide a financial safety net and enable people to focus on getting better’.

Let’s chat about guaranteed rent opportunities.