AXA: More people unable to afford rent

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AXA: More people unable to afford rent

The number of private renters going into arrears is rising, according to research from AXA.

The insurance provider found that 13 per cent of people renting privately have gone into arrears in the last year, with seven per cent having done so in the past three months.

Most people are also increasingly worried about being able to afford their rent.

The research also found that 95 per cent of private renters do not have income protection in case of job loss, despite recent statistics showing unemployment and redundancies are rising.

Mike Keating of AXA said that over a third of people renting were doing so because they could not get a mortgage and noted that average earnings are not matching the rising costs of living.

"If you consider that many of those renting may be struggling to make ends meet, it's certainly not all good news for buy-to-let owners," he said.

According to finance website Moneyfacts.co.uk, mortgage lenders are now pricing more for risk than they did a year ago.

It said in a statement that the mortgage market should "continue to improve from its current position" over time, with products increasing in number and competition increasing between lenders.

Click here for more mortgage news.

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