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Posted by Let Alliance on June 28, 2011
The number of tenants over two months in arrears increased by 13% in Q2 2011 compared to the same period in 2010, research by Templeton LPA reveals.
There were a total of 74,492 tenants in arrears of more than two months in England and Wales in Q2, up by 4% compared to Q1.
Furthermore, the research shows that 24,170 tenants faced eviction notices in Q2, an increase of 5% on the previous quarter and of 9% on Q2 2010.
Andy Halstead, CEO at Let Alliance comments, ‚ÄúWith the current economic climate being the way it is and with continued government cuts in the pipeline, it is likely rent arrears, eviction proceedings and property repossessions will continue to increase‚Äù.
Halstead continues ‚ÄúBack in April 2010 the Paragon Independent Property Investment survey showed that only 12% of landlords in the UK currently have legal expenses and rent guarantee insurance. ¬†This is even with the Property Ombudsman‚Äôs Christopher Haymer also stating in April 2010 that they cannot understand why every landlord is not covered by rental guarantee and legal expenses insurance.
Rent Guarantee should be seriously considered by professional landlords and not just by ‚Äòaccidental‚Äô landlords.¬† The positive thing is more and more Letting Agents are looking for a provider of Rent Guarantee insurance with Nil Excess, which is payable until Vacant Possession and at a price the Landlords can agree to‚Ä¶ this is why we at Let Alliance are working with Letting Agents to provide such products and we are proud to say Let Alliance is becoming their product provider of choice‚Äù.