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Landlords forecast rapid rise in rental arrears

Monday, 8 December 2008 2:07 PM

UK landlords are expecting a rapid increase in the number of tenants falling behind on their rent.

Seventy-one per cent of landlords polled by the National Landlords Association (NLA) said they expected rent arrears to rise.

Just one per cent forecast a fall.

A total of 37 per cent say they are currently having difficulties over tenants paying rent.

David Salusbury, NLA chairman, said: "It is a worrying situation to be in and landlords need to do all they can to ensure they are regularly receiving rent. Regular communication between both parties is essential to head off major problems."

Meanwhile, the Association of Rental Letting Agents (ARLA) reports landlords are holding firm about augmenting their empires.

Nine out of ten investment landlords are marking time, neither selling nor buying residential rental property, even though asset values and rental yields have fallen.

The body also reports a glut of new rental properties coming onto the market - as those unable to sell properties turn to letting them out, thus pushing down rents as house prices fall.

London was seen to particularly hit, as job losses in the financial sector hit the rental market.

However, Ian Potter, ARLA head of operations, pointed out the oversupply of new-build flats was coming to a close, as capital values of rental properties appear to be showing signs of stability as local authorities, housing associations and bargain hunters took up the slack.

"This has also helped to stabilise rents in some areas," he said.

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