Landlords report significant fall in rent arrears

Landlords report significant fall in rent arrears

A fifth of private-residential landlords have had tenants in rent arrears over the last three months, according to new research published by the (NLA).

Between April 1st and June 30th, just over 21% of landlords experienced rental arrears. This represents a small improvement on the first quarter of 2010, when 24.5% of landlords reported tenants in arrears.

Moreover, the average amount of outstanding rent arrears has dropped significantly from £978 in Q1 to £799 in Q2. This could indicate that financial pressures on tenants have started to ease as the fragile economic recovery continues.

Commenting on the figures, NLA chair David Salusbury said:

“Rent arrears are a serious problem for landlords all over the UK. It is good to see the latest data which represents a small improvement in that more tenants are keeping up with their rent payments and not putting pressure on their landlords who may well have mortgage repayments to consider. It is critical that tenants and landlords communicate and work together to tackle financial problems before they result in a loss of rent or even the tenancy.”

Last week, the reported that rents across the UK are returning to levels seen at the peak of the market in 2008, providing a welcome boost to landlords nationwide.

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