Buy-to-let property boom, but tenants hit with arrears…

October 27, 2011

CIA Let Property Blog

Landlord Assist

Landlord Assist are a nationwide tenant eviction and referencing firm and they have said the rising popularity of buy-to-let property will continue to grow with the property owners reaping the benefits.

The rental property market has stayed so strong recently because of the continuing struggle for buyers to try and get onto the property ladder.

There has also been an issue warned by Stephen Parry, commercial director for Landlord Assist, with rising rents means more tenants getting into arrears and then have to default on payments.

It has been recommended to have rent guarantee insurance if you are a landlord to avoid this. Mr Parry said :

“Unemployment is one of the main reasons why tenants default on their rental payments and unfortunately this can have a direct impact on a landlords ability to meet their own financial obligations.

The rental property market has stayed so strong recently because of the continuing struggle for buyers to try and get onto the property ladder.

“We strongly urge landlords to take immediate action in situations of rent arrears and consider taking out a rent guarantee policy to protect their interests.”

Landlord Assist has said that unemployment in the UK is currently at a 17 – year high.

We hope you found this information useful. Please remember to use CIA Insurance when you or your family and friends need motorcycle insurance, landlords insurance or commercial insurance.

Source- http://www.stride.co.uk

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