Landlords may face difficult times
A recent survey has revealed that landlords will start to feel a bit more of a squeeze from the recession and should not expect any change throughout 2010. The figures released show that around 75% of landlords in the UK are having trouble with receiving rent from tenant placing them in arrears. The reason for this is mainly due to the current economic climate with so many people in the UK jobless, tenants are finding it hard to pay up.
Figures released also predict that by the end of this year 150,000 tenants will face legal action, because of a failure to pay rent. One of the other major reasons for the amount of tenants in arrears can be placed down to the unpredictability of interest rates.
Rental prices over the past few months have been very unpredictable, as different changes in the market has drastically affected the amount landlords are charging. The increase in house prices recently has seen a rise in rental prices, perhaps more considerably in the London area. Whereas in previous months the introduction of "accidental landlords", where those looking to sell a house had been forced to rent their property as they where unable to sell. This cased a drop in rental prices, but fortunately as the housing market settled over the past few months the number of "accidental landlords" dropped increasing the average rent prices.
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November 09th 2009
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