Currently viewing the tag: "severe rent arrears"

Private Rental Sector Void Periods and Rent Arrears 

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Rent Guarantee Insurance Helps Landlords Avoid Rent Arrears

Rent Guarantee Insurance Helps Landlords Avoid Rent Arrears

UK private rented sector landlords are reaping the rewards of the development of specialist products and services designed to ease the burden for landlords and the UK lettings industry.

According to data from the National Landlords Association (NLA), private rented sector void periods have fallen to their lowest level in over 12 months, with only 33% of landlords experiencing vacant periods in the last three months. The figures are down 13% when taken year on year.

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Landlord Possession Orders And Tenant Evictions Increase

Tenant Eviction Figures Increase Again

Tenant Eviction Figures Increase Again

There has been a dramatic increase in the number of PRS landlords seeking to evict bad tenants and the volume of possession orders doesn’t look like abating any time soon according to data released by the UK Government.

Government figures show that there were 103,329 landlord claims for tenant eviction and orders for possession made last year, the highest recorded rate over the last five years and continues to represent an upward trend.

It is estimated that between 67% and 80% of claims led to a possession order being granted by the courts.

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New landlords are using rental income to provide for their retirement

New landlords are using rental income to provide for their retirement

A high proportion of struggling residential property owners are copying the practices of successful portfolio landlords and choosing to offer their properties for rental purposes in the UK private rental sector (PRS) in order to provide adequate finances for their retirement.

Of the struggling property owners choosing to offer property to rent for the first time and existing portfolio landlords who responded to the BM Solutions/ BDRC Continental survey:

  • 84% view their rental property as a supplementary income to their pension
  • 60%of landlords actively plan to live off the rental income either before or at retirement.
  • 40% agree that their property is their pension and intend to make a decision dependent on the state of the property market once they reach retirement age.
  • Very few landlords plan to sell all properties in their portfolio when they reach retirement

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Fall in the number of tenants in severe rent arrears

Fall in the number of tenants in severe rent arrears

The number of tenants in severe rent arrears declined by 15.6% during the final quarter of 2012, according to data released by Templeton LPA, part of the LSL Property Services group.

The data indicates that in the last quarter of 2012, almost 16,000 fewer tenants faced severe rent arrears of more than 8 weeks rental costs, compared with the previous quarter of 2012.

The number of tenants in this situation has dropped for the first time in over a year and could in part be due to the development and availability of Rent Guarantee Insurance products.

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