Stats Show Income Spent On Rent Fell Between 2016-2019

The proportion of income that tenants spent on rent decreased between 2016-2019 despite increases in rental levels, stats from the Deposit Protection Service (DPS) show. In the latest edition of its Rent Index, DPS compares rent levels across the country with average salaries to reveal that the average proportion of wages spent on rent fell from 32.64% in 2016 to 30.64% in 2019. Read more on 24housing.

https://www.24housing.co.uk/news/stats-show-income-spent-on-rent-fell-between-2016-2019/

Rents Rise But Fail To Keep Pace With Inflation

Average UK rents rose between July and September but failed to keep pace with inflation, according to the latest edition of The Deposit Protection Service (The DPS) Rent Index. The stats show the average increased by £7 (0.91%) to £778: less than half the rise in inflation (1.90%) during the period – with some 32% of wages now spent on rent. Two consecutive quarterly increases have seen rents reach the highest value since the Rent Index launched in 2017 following a period of decline during 2018. Read more on the DPS website.

https://www.depositprotection.com/news/latest-news/2019/the-dps-rent-index-q2-2019-is-out-now/

Four In 10 Deposits Higher Than Government Cap

The Deposit Protection Service (DPS) has revealed that more than four out of 10 of the tenancy deposits it manages are currently higher than the new tenancy deposit cap. Since the beginning of June, most new assured shorthold tenancy deposits in England are capped at five weeks’ rent where the total annual rent is less than £50,000, or at six weeks when the yearly rent is £50,000 or more. Read more on 24housing.

https://www.24housing.co.uk/news/four-in-10-deposits-higher-than-governments-cap/

Government Call For Evidence On Reform Of Deposit Protection

Secretary of State James Brokenshire MP has announced a call for evidence on tenancy deposit protection in England. The call for evidence seeks to understand the barriers tenants face providing a second tenancy deposit when moving from one tenancy to the next and looks at what can be done to speed up the return of deposits to tenants at the end of the tenancy. The Government will look at whether existing initiatives to address deposit affordability are meeting tenants’ needs and whether the market can offer improved products. It will also explore innovative approaches that could be taken to help tenants move more easily, including allowing tenants to passport their deposit between tenancies. Read more on the ARLA website.

https://www.arla.co.uk/news/june-2019/government-call-for-evidence-on-reform-of-deposit-protection/

UK Rents Fall For First Time In A Decade

Rents across Britain fell in 2018 for the first time in a decade, offering relief for tenants after years of inflation-busting rises. Figures from the Deposit Protection Scheme – a government-backed group that supervises tenancy deposits – showed the average rent fell by £9 (1.17%) from £774 in 2017 to £765. The typical UK tenant spent 31% of their income on rent in 2018, a fall of 0.5% from the year before, the DPS said. Read more on the Guardian website.

https://www.theguardian.com/money/2019/jan/23/uk-rents-fall-for-first-time-in-a-decade

Stats Show UK Rental Market ‘Remains In Recession’

The UK rental market remained in recession during the third quarter of 2018 (Q3 2018) according to latest figures from the Deposit Protection Service (DPS). In its new Rent Index – based on a database of millions of properties across the UK –the DPS reports that average rents decreased for the third consecutive quarter in Q3 2018, falling from £764 to £761. The Index also shows that average UK rent has now decreased £14, or 1.83%, since Q3 2017 and is now lower than the national average for 2016. Read more on 24housing.

https://www.24housing.co.uk/news/dps-stats-show-uk-rental-market-remains-in-recession/

Over £1bn Of Tenancy Deposits “At Risk”

New research has revealed that a possible 1,500,000 renters could be at risk of losing their deposits believing their bond has never been placed in a deposit protection scheme. The survey, carried out by price comparison website, Comparethemarket.com, has suggested that renters in 33% of the UK’s 4.5m rented homes think that their landlord has not placed their money into a compulsory deposit protection scheme (DPS). This equates to in the region of £1,200,000,000 of deposits which could be unprotected. Read more on the propertyreporter website.

http://www.propertyreporter.co.uk/landlords/over-1bn-of-tenancy-deposits-at-risk.html

UK Rent Growth Halves During 2017

Average UK rents increased at less than half the rate during 2017 than 2016, The Deposit Protection Service (The DPS) has revealed in the latest edition of its Rent Index. According to the latest edition of the DPS rent index average UK monthly rent during 2017 increased by just 1.63% from £761.31 to £773.74 during 2017; half the rate of growth during 2016 (3.25% from £737.33). The slowdown was particularly pronounced in London, which saw the lowest increase in average rent of any British region, increasing by just £5.83 or 0.44% to £1,324.29 (from £1,318.46). Download the Rent Index from the DPS website.

http://www.depositprotection.com/documents/rentindexq42017.pdf

Eight Out Of Ten Renters Want Tenancies Of A Year Or Less

Eight out of ten of those renting accommodation want tenancy agreements of one year or less, a large Deposit Protection Service (The DPS) survey has suggested. 39,855 tenants whose deposits are protected by The DPS’ responded to the survey, with 80.1% saying that they preferred agreements that lasted no longer than 12 months. 89.83% said that they preferred agreements that lasted up to two years, with 34.60% of the total saying they wanted contracts for six months or less. Read more on 24dash.

Hard Up Renters Turning To Payday Lenders for Deposits

Renters are being priced out of house and home by deposits that have soared by 50% since the financial crisis began, new data have shown. Figures from the government-backed Deposit Protections Service have revealed that the average deposit for a rented property in the North East of England has jumped from £600 to £900 since 2007, while wages have climbed by only 13%. And the steep hike means that 49% of renters in the region are having to borrow money to pay for their deposits, with many turning to payday lenders for the funds.  Read more on 24dash.