The number of tenants in severe arrears has risen to a massive 100,400 as rents continue to rise while the economy and jobs falter. The latest figure is 24% higher than the same period last year.
According to the Tenant Arrears Tracker by Templeton LPA, part of LSL Property Services, the first quarter of 2012 had 7,000 fewer tenants in arrears of two months or more than the quarter just gone. While the amount of tenants in severe arrears has risen, the general level of tenant arrears has dropped as 1% more rent was paid on time than the previous month. By the end of April, 9.9% of rent was paid late, with 8.9% of all rent unpaid or late by the end of May. Continue reading Tenants in severe arrears tops 100,000
Buy to let is expected to keep growing for the next few years as Britain faces a severe shortage of homes.
As house building falters but the population keeps growing, the country is expected to have a shortfall of around a million homes by 2020, says builder Barratt Developments. Continue reading Britain Faces Shortage of 1 million Homes by 2020
"Rents and arrears are up say LSL"
Soaring buy to let rents and the rising cost of living are putting pressure on tenant spending power.
Rents were up 1.2 per cent in August – but rent arrears also increased for the first time since April, according to the biggest letting agent across England and Wales, LSL Property Services.
Average buy to let rents hit £713 per month – £8 a month up on the previous peak of £705 registered in July and the highest monthly increase in a year. Continue reading Tenants Feel the Strain of Rising Rents and Inflation
Rents continue to rise
Rents are raging out of control in some areas of the country as tenants desperate for a home gazump their rivals and offer higher rents than landlords are seeking.
But buy to let seems a game of two halves – with some regions away from prosperous London seeing rents fall. Continue reading Rent prices still going up according to LSL