Growth in severe tenant arrears is slowing down
The number of tenants in severe arrears is now 99,000
Friday 05 October 2012
The growth in the number of tenants in severe arrears (those in arrears of more than two months) is slowing, according to new figures from specialist receivers Templeton LPA.
In the last three months, the figure grew by 1.6 per cent over the previous three. The rise in the three months before that was 4.6 per cent.
However, the number of tenants in severe arrears is now 99,000, the highest number on Templeton LPA’s records.
“Rising rents have kept the pressure on tenants’ finances," said Paul Jardine, director and receiver at Templeton LPA, "but it is tenants with the lowest incomes that are feeling the pinch the hardest. While the majority of tenants have shown a slight improvement in their ability to cope with the bigger rent cheques, the minority of renters who are months behind with rental payments is still expanding.
“Nevertheless, it’s encouraging news for landlords that the rate of growth is slowing. The labour market has held up well recently, and if it strengthens further, it may well keep a lid on the number of tenants unable to pay the rent in the short-term.”
David Brown, commercial director of LSL Property Services, commented: “Landlords should balance getting the best possible rental income from their property with making sure rental payments are affordable for prospective tenants in the long-term.”
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