24 Jun

Tenant arrears fall as rate of price growth slows

Tenant arrears fall as rate of price growth slows

The number of people living in buy-to-let properties who are in arrears to their landlord has fallen according to the latest report released by LSL Property Services.

The company said that the total value of owed rent that is still outstanding across the country is now £6 million lower than it was just a month before, with just 8.2 per cent of rent now outstanding.

One of the biggest reasons for this was the fact that there are now far more people seeing the price of rent at a manageable level. While they continually hit record highs throughout 2012, price rises have now slowed from 0.3 per cent to an average of just 0.1 per cent in May.

David Newnes of LSL Property Services said this was good news for everyone in the market at the moment.

"Last month will have been very welcome for tenants and landlords alike, with more lettings activity going hand?in?hand with more affordable rent rises. A slower monthly increase has had no significant effect on landlords’ annual returns, bolstered further by the better financial position of tenants."ADNFCR-1222-ID-801603036-ADNFCR

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