Tenants in Serious Arrears with Rent

26 07 2012

The number of private tenants in severe arrears climbed by 7,000 (8%) in the second quarter of this year, putting pressure on landlords’ finances.

The number of court orders to evict tenants was 6% up on the previous quarter.

The figures come from Templeton LPA, the specialist practice of LPA Receivers and part of the LSL Property Services Group.

Templeton says that in the second quarter, 100,400 tenants in England and Wales were in severe arrears – an increase of 24% compared to a year ago. This is the highest number on Templeton’s records, which go back four years.

The increase also represented a proportional rise. In the second quarter of 2012, tenancies in severe arrears represented 2.6% of all tenancies in the private rented sector in England and Wales – an increase from 2.4% in the previous quarter.

The increased number of tenants in severe arrears has driven a rise in the number of tenants being evicted through court orders. In the first quarter of the year, 26,060 tenants faced eviction notices – 6% more than in the previous quarter, and 5% more than in the same period of 2011.

Evictions for Landlord’s can be extremely stressful, not just in the emotional sense but can hit hard financially. Belvoir Lettings can offer help with this by organising  Rent and Legal Insurance cover.

This insurance covers the court costs of eviction and pays the rent of the property during eviction.

We highly recommend that Landlords consider taking out a Rent and Legal Insurance. To back this recommendation we offer the first 6 months of a 12 month policy free to any new Landlord. This offer is valid for any landlord signing for a Management Service.

Contact us now for more information.

Tel: 01782 478 444    Email:  stoke-on-trent@bevloirlettings.com

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