Rent arrears on the up again!Make Text Bigger
It is believed that last quarter (Q1, 2013) severe rent arrears, which constitutes those more than two months behind on rent, rose by 4,000 to 94,000, the fourth highest figure on record (figures from LSL property services).
The highest level ever was only recorded in the second half of last year.
These figures are being driven by the ever growing buy-to-let market where demand is at an all time high.
With a bigger market comes more problems.
This market has been created by a cocktail of a lack of house building, lack of affordable housing, restricted funding in the mortgage market forcing more people to rent, tougher austerity measures leading to cuts on housing benefits via the new Universal Credit scheme, stagnant wages, a rise in the cost of living and rising unemployment.
More problem tenants.