23 Nov

Rental arrears drop for buy to let market

Rental arrears drop for buy to let market

There has been a drop in the number of tenants falling into rental arrears in the buy to let market, a report has revealed.

Statistics released by LSL Property Services showed that the amount of outstanding rent owed to buy to let owners dropped from £229.3 million to £221 million between September and October 2010.

Estate Agency managing director of LSL Property Services David Newnes said: "Falling arrears provided another boost to landlords in October."

He added that there is normally a "flurry of tenants" who move into new buy to let properties in September, which means that by October they have had time to "get their finances in order and ensure that their landlords are receiving rent".

This drop in arrears comes despite rental costs increasing by 0.4 per cent in October, LSL Property Services reported, going from an average of £689 in September to £691 the following month.

According to the Rent Index, over the last three months, rents rose by 1.63 per cent and 4.37 per cent over the last six. ADNFCR-1222-ID-800251998-ADNFCR

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