Rise In Rental Arrears A Cause For Concern Claim Belvoir Sheffield

Aug. 5, 2011 - PRLog -- The concerning research carried out by Templeton LPA, which receives rents for lenders whose landlords have defaulted, has revealed that the amount of tenants throughout England and Wales in severe rental arrears has increased by 13 per-cent year on year quarter two to 74,492.

The figures also indicated that evictions also increased over this period by nine per-cent.

Rick Flay from Belvoir Sheffield, which specialises in providing flats to rent in Sheffield said: “This sharp rise in tenant evictions is of course a cause for concern for the residential landlord.  Job losses throughout the UK are having a huge impact on this and there are fears that the number of tenants defaulting could increase even further in the next 12 months.”

Paul Shamplina, Director of Landlord Action and former certified bailiff and private investor, recently commented on the issue online, he said: "In city centre’s, where there is an increased supply of buy to let property, we have seen a rise, year on year, of 20 per-cent in the number of landlords contacting us to help them evict their tenants due to non payment of rent and, whilst the numbers are on the increase, the length of time landlords are willing to give leeway to their tenants is decreasing.

He continued: “There are an increasing number of tenants losing their jobs and paying the rent is not always the top priority. Being just one month late with the rent can lead to the landlord experiencing mortgage arrears, so they are doing everything in their power to rectify the situation quickly. Our advice line for landlords has been overwhelmed with calls for assistance."

Rick, whose lettings agency helps those wanting to rent property in Sheffield, continued: “There are steps that can be taken to protect yourself from defaulting tenants. At Belvoir Sheffield we have been able to keep our rent arrears running at a similar level to last year, and this is because we recommend that all of our landlords purchase Rent Protection Insurance to reduce the risks attached to the process of property ownership. This covers the landlord against non-paying tenants if they were to lose their jobs unexpectedly or if they were to fall ill, causing them to default.”

Designed to cover the landlord against any possible arrears until vacant possession is obtained, Rent Protection Insurance also covers any legal expenses as a result of a tenant breaching the tenancy agreement, or unauthorised occupation of the property. All Belvoir landlords have access to unique insurance packages. These include rent and legal protection insurance, house building insurance and home contents insurance. Belvoir insurance packages are comprehensive and typically cost a third of their nearest competitor – saving you money while ensuring your property is properly protected.

Rick added: “We also carry out thorough checks for all of our tenants looking to rent property in Sheffield to reduce the risk of non-paying tenants in the first instance. Prior to a tenant moving in, Belvoir Sheffield run thorough credit checks and get references from past employers for all parties who intend to move into the property.”

Belvoir Lettings Sheffield is the One Stop Specialists for Lettings including Property Management, Tenant Find, Investment and Wealth Management Advice, Fit-outs and Renovations, Furniture Packs, Investment Property Insurances and Mortgages

For more information, please visit: www.belvoirlettings.com/sheffield