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 rents slipped back 4.3% to an average £919 a month in May, according to letting agents haart.
Average rents across the country fell, but slightly increased across the UK when excluding London – by around 0.7% to an average £791. Continue reading More surveys confirm North/South property divide
The average UK rent increased by 2.6% in March to £764 a month, according to the latest survey by specialist landlord insurers Homelet.
London rents are still defying gravity and average £1,156 a month. Continue reading Buy to let rents keep rising as tenants get poorer
"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
"Homelet's London figures"
Buy to let rents in London have surged to a new peak of £1,202 a month.
Rents are still climbing in most regions, but are soaring in the capital as London reports the only rising house prices in the country over the past 12 months.
Rising prices and difficulties in finding mortgage finance have led to more tenants looking to rent.
According to the Communities and Local Government Department figures, house prices in London were up 0.9 per cent over the 12 months ending July 2011 – everywhere else returned a price fall. Continue reading London Buy to Let Rents Surge to a Record High
More tenants in arrears
Around 75,000 buy to let tenants are in rent arrears – a 13% increase on the same period last year, according to rent receivers appointed by mortgage lenders.
The number of tenants failing to pay rent went up from 71,483 in the first three months of 2011 to 74,492 in the second quarter – a 4% rise.
Tenants who do not pay their way are also finding landlords are taking a tougher approach to arrears as court orders for evictions has gone up 9% year-on-year.
Landlords are managing to handle the income deficit as mortgage lenders report loan arrears have dropped by 12% in the year. Continue reading More tenants in arrears as rents keep rising