Research conducted by the National Landlords Association (NLA) reports rental arrears are on the rise.
A staggering 49% of landlords taking part in the association’s Landlords’ Panel survey had experienced tenant rental arrears in the past 12 months. Further, 37% of landlords surveyed have serious concerns over tenants’ ability to keep up with rental payments over the next 12 months.
The NLA’s research suggests an average member of the association has a portfolio of 12 residential rental properties, has four tenants in arrears and is owed average arrears of £2,363.
Small scale landlords with one letting, who make up the large proportion of landlords in the UK, are also being affected. Worryingly, the NLA’s survey suggests 16% of small scale landlords are losing money on their property investment.
Chairman of the NLA, David Salusbury, said: “It is a sign of the difficult economic conditions that so many landlords are experiencing rental arrears. In these circumstances, landlords should work with their tenants to minimise the impact of financial stress…It is in landlords’ best interests to help tenants through tough financial times where possible.”
Where a tenant continues to fall into arrears or a dispute arises between a landlord and tenant, Holmes & Hills offer cost-effective legal advice to landlords that enables them to quickly resolve the matter and ensures the landlords interests are protected.
David Dixey is Holmes & Hills Solicitors specialist provider of legal advice for landlords in Essex and Suffolk.
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