International students surge for guarantor service
SPONSORED: Rising numbers of international students are in demand for UK guarantor service applications to help secure rental accommodation
Rising numbers of international students are driving a surge in demand for UK guarantor service applications to help secure rental accommodation, according to Housing Hand.
Recent data* shows that the number of international students studying in the UK has risen by 3% in 2016–17 year on year, whilst rents in the student market have continued to rise, with tenants paying on average £81 more a month than a year ago. The average monthly rent in London for all types of tenants is now sitting at £1569 per month and £759 on average across the UK. (Source: *HESA, January 2018 and **Homelet March 2018).
Figures from Housing Hand show that there has been a 27% year on year rise in the number of students applying for a UK guarantor service. This is as a result of their guarantors’ failing referencing, or are either unwilling or unable to pay 6-12 months in advance. Students living in London face the toughest challenge, as it now costs an average of £8,650 just to move into a private rented home in the capital.
The average tenancy deposit is now sitting at £3,014 across the London boroughs. (Source: Dlighted, March 2018). This has increased the attraction of student halls as deposits are not required, however as local councils tighten up on HMO’s, more and more UK students are renting in purpose-built accommodation and as rents can be considerably higher the need for a guarantor can be greater.
“We have seen a continual rise in demand for UK guarantors from overseas students and young professionals, since we started the business five years ago.”
Jeremy Robinson, Managing Director of Housing Hand comments: “We have seen a continual rise in demand for UK guarantors from overseas students and young professionals, since we started the business five years ago.
“What’s clear is that UK students that require a guarantor can be some of the most vulnerable tenants. As the only guarantor service that accepts UK students we aim to help all students from all backgrounds. Our ethos has allowed us to partner with Universities across the UK and recently in Ireland. We are constantly developing our offering to make it more accessible.
“We work with the university to create a bespoke model to suit the needs and requirements of both the university accommodation departments and their students. Housing Hand and the university then actively promote the service to their students and we provide integration, full customer service and credit control support. We help students throughout the rental process, and mediate when a tenant has an issue with a tenancy.
Since we introduced the University of Bristol guarantor service, there has been a six fold increase in the number of Bristol students that Housing Hand has been able to help, highlighting that there is a need for a guarantor service that helps both UK and international students.”
Tase Burden, Housing Adviser, University of Bristol: “Housing Hand have been invaluable to our students and staff who have no access to their own UK guarantor. The process is straight forward and the staff are friendly and helpful.”
Many guarantor services have limitations and won’t accept UK students. Housing Hand can help as long as students are at a UK University. Housing Hand provides the UK’s only insured and comprehensive UK guarantor service available to all students and working professionals who require a UK guarantor to secure their property.
For more information, please visit www.housinghand.co.uk or call is 02072052625 ex.313.