Rent Prices to Rise
Tenants are expected to experience a rise in rent as the mortgage market remains subdued in 2011. If you are struggling to meet monthly rent payments find out how a prepaid credit card could help you budget.
Research by The Paragon Group revealed four out of ten landlords in the private rented sector plan on increasing their rental prices in the next 12 months to meet high demand.
A further 45 percent of landlords expect the demand of rental properties to continue growing over this period.
Just four percent of landlords were found to reduce the rent they charge, while nearly a third plan to increase the amount up to four percent of the current value. A further 10 percent aim to increase the rent they charge by between four and eight percent.
“Landlords are in a strong position,” commented Nigel Terrington, Paragon Group chief executive.
“There continues to be a lack of finance available in the UK mortgage market, meaning that many potential buyers are opting to rent instead.”
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If you are not in a position to take out a mortgage and are currently renting, a rise in prices may cause you to have less disposable income to save for the future.
A good way to manage your money to ensure this extra strain on your income does not see you getting into financial difficulty, and so tenants are urged to budget their outgoings carefully.
Your budget can then be loaded onto aprepaid debit card which can be used in retail shops and online to pay for your everyday necessities as you would a normal debit or credit card.
The card prevents the user from overspending as they cannot spend more than they loaded onto it, so if they need more money they simply have to reconsider their budget.