Good news for landlords as rent arrears drop
The total amount of late or unpaid rent has dropped by £6 million in the last month, according to latest figures from letting agent LSL.
The decline in rent arrears coincides with a slight dip in rent increases. Over the year average monthly rents have increased by 0.3 per cent. However, since April rents have only risen 0.1% and now stand at £737 per month.
A landlord’s biggest worry
Rent arrears are understandably one of a landlord’s greatest concerns. It is essential that any landlord with tenants in rent arrears addresses the situation immediately in order to mitigate the financial impact. At such a time, GW LET is an invaluable resource as solicitor, Rob Denman, explains:
“Evicting a tenant, even if they are in rent arrears, is not as straightforward as many landlords presume.
“To evict a tenant before the end of their tenancy, the tenant must first be in severe rent arrears (of two months/eight weeks or more) or are regularly late paying their rent.
“A landlord must then serve their tenant with a Section 8 Notice. Should the tenant remain in the property, the landlord must then obtain an order for possession from the court before enlisting the help of the court bailiff.”
Content correct at time of publication