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Industry News


A third of private sector tenants borrow money to pay rent


Hundreds of thousands of tenants are relying on high interest loans or borrowing from family and friends in order to pay their rent. Research from the national charity Shelter


has revealed that more than half a million people living in the private rented sector have had to rely on credit cards, overdrafts and personal loans to keep the roof over their heads. Shelter says that many private renters are


taking on ‘desperate or dangerous debts’ to keep their tenancy. They used the data to call on the new Government to build 500,000 homes for letting at a ‘living rent’, equivalent to no more than a third of household income. It added that huge numbers of low-


earning renters were only just managing to keep going, with 70 per cent either struggling with or falling behind on rent. In addition an estimated 800,000 tenants were unable to save as little as £10 a month.


Low earners Anne Baxendale, director of communications for policy and campaigns at Shelter, said “No family should have to choose between relying on their credit card to keep up with the rent, or moving miles away from their jobs and schools to find a home they can afford. Right now, there’s nowhere for these people to turn, but it doesn’t have to be this way.” The survey by Shelter and YouGov, found


that of the almost 1.6 million private tenants who fall into the low-earner category, one in three – around 511,000 – had borrowed money during the past year to pay their rent. Many tenants borrowed from more than one source. The most popular sources were:


• An estimated 299,000 had used an overdraft;


• 249,000 borrowed via a credit card; • Almost 100,000 tenants used money from parents, while 91,000 borrowed from other family members or friends;


• Some 57,000 took a loan from a bank or building society; and


• An estimated 42,000 turned to a payday loan


The use of payday loans is a particular concern as some of their quoted interest rates are in excess of 1,500 per cent APR, despite price caps being in place. Shelter said it believed their figures


for tenants taking out loans to pay their rent were understated because some of those surveyed declined to disclose their income and were therefore excluded from this category.


Student numbers and rents on the rise


starting a key transition to adulthood and independent living. Some 532,300 young people started


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university in the last academic year with the number forecast to rise again this autumn. The building of new halls of residence is failing to keep pace with this rapid growth, while increasing numbers of students are looking to the private rented sector for their accommodation. Sudents represent a key customer group for


landlords, but they are also becoming increasingly demanding and selective – unlike their predecessors characterised in The Young Ones television comedy in the 1980s, that launched the careers of Rick Myall, Adrian Edmonson, Alexi Sayle and others. This is why the report ‘First Class’, into the UK


student housing market produced by University Cribs is a timely piece of work. With end of year exams in full swing, the report provides an insight into the changing demographics and lifestyle habits of the student population in the UK. University Cribs is a student property search


engine which enables letting agents, developers and asset managers to utilise the platform to boost sales and marketing activity. The company launched in November 2016 and operates in 25 university towns across England and Wales. Over 120,000 rooms have been listed on the


platform to date with 5.3 per cent of users going on to making an agent enquiry. To date, 156 providers have listed property on the site and the monthly reach stands at 7.4 million users. University Cribs is the only online search engine dedicated to the student housing market.


Rents Among its many findings, it shows the cost of student accommodation continues to rise, with the highest rents not surprisingly found in London and the South East. The percentage of students paying more than £100 per week has increased from 36.6 per cent in 2014 to 51.3 per cent in 2016. The cheapest rental accommodation is found in the North East and in Wales. The majority of students also have to pay fees


in the region of £100 to £300 – the most common fees being deposit fees, administration fees and deposit protection fees. Over a quarter of students fail to get their


deposit back in full but over 50 per cent of these students felt there was no valid reason for any money to be withheld. When searching for accommodation, students


say that price is the most important factor, followed by location. Space, décor and facilities are fairly evenly chosen indicating these are down to personal preference. Fast internet connection speeds is the main


aspect students look for when choosing a property (83%) and other important features are double beds in a bedroom (56%), bills included (63%) and good storage space (61%). However, with the average student (in years 2


and above) sharing with 3-5 housemates, choosing your friends wisely becomes particularly important. The majority of first year students usually live in even larger groups, sharing with as many as 6-7 housemates.


Disputes The report shows that tidiness (or more precisely, the lack of it) is the primary cause of household arguments among students. Other causes of disputes between housemates are the level of noise in the house, food ownership and trying to keep household bills down. The demographic of today’s students is


changing: women are now 35 per cent more likely to go to university than men and students from the least economically advantaged backgrounds in England are 65 per cent more likely to attend university than they were ten years ago. Student loan is the main source of income for


British students, coupled with bank overdrafts or credit cards. With the majority of students’ already low income having to go towards rent, many are subsidising this with part-time employment. University Cribs research shows that on average half of students work at some point throughout the year, 38 per cent during term-time and a further 19 per cent during university holidays. Worryingly though, 27 per cent of students


now report mental health problems. The primary cause of stress among students is study, with 71 per cent saying that university work is one of their main sources of stress. The next biggest concern for students is finding a job after university (39 per cent), followed by their family (35 per cent).


www.housingmmonline.co.uk | HMM July 2017 | 11


ver half a million young people will leave their family home in a few months’ time and go off to university,


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