{"id":279,"date":"2010-09-22T08:43:35","date_gmt":"2010-09-22T08:43:35","guid":{"rendered":"http:\/\/blog.legal4landlords.com\/?p=279"},"modified":"2010-09-22T08:43:35","modified_gmt":"2010-09-22T08:43:35","slug":"rent-arrears-increase-in-august","status":"publish","type":"post","link":"https:\/\/dev.withcreative.co.uk\/lforl\/rent-arrears-increase-in-august\/","title":{"rendered":"Rent Arrears Increase in August"},"content":{"rendered":"

By:<\/p>\n

Madalena Penny<\/p>\n

A recent report by the Chartered Institute of Housing revealed that 100,000 new houses are to be built this year.\u00a0 Under the previous labour government it was announced that 240,000 new builds would need to be completed every year running up to 2020 to sustain the populations housing needs.\u00a0 The report by the CIH implies that the estimated total of new households created each year would be more than double the 100,000 new homes built.<\/p>\n

In July this year, ministers announced that 100,000 new homes would need to be created to provide housing for the influx of immigrants alone.\u00a0 Andrew Stunnel, communities department revealed:<\/p>\n

\u201cIt is estimated that net international immigration could account, on average, for 40% of the net growth of households in England over the projection period from 2006 to 2031.\u201d<\/p>\n

This effect of this severe shortage of housing has spilled over into the private rented sector as a major source of supply to the trending climate of tenant demand.\u00a0 New statistics by LSL Property Services indicates an increase in rents, with the average monthly rent reaching \u00a3686 as a result of lack of available housing stock and increasing tenant demand.\u00a0 While rent arrears in the PRS had seen some stability over the recent months, results from the survey show that August has seen an increase in arrear levels with 72,327 more tenants falling into arrears when compared with July.<\/p>\n

Commercial Director of LSL, David Brown said:<\/p>\n

\u201cWith conditions still tough for first-time buyers in terms of getting finance, in the short to medium term, renting will continue to be the preferred option for many.\u00a0 We wouldn\u2019t expect rents to move back down again until mortgage products become more attractive.\u00a0 Until this happens, landlords remain in the position of strength.<\/p>\n

\u201cRents have been rising throughout this year but they haven\u2019t affected tenant arrears until this month.\u00a0 But now arrears are up \u2013 in fact they are rocketing in the North East.\u00a0 Tenants everywhere are only going to come under further pressure as the cuts keep coming, but it\u2019s possible we\u2019ll see a significant north-south divide develop.\u00a0 The North East is also where yields for landlords are amongst the lowest.\u00a0 That won\u2019t encourage new landlords to invest there, this could mean less competition and no downward pressure on rent.\u201d<\/p>\n

Binder Dhillon, financial director for landlord legal network \u2018Legal 4 Landlords<\/a>\u2019 advises:<\/p>\n

\u201cTenants who are finding themselves falling into arrears<\/a> should speak to their landlord or letting agent immediately about any possible problems.\u00a0 By being open and honest, a mutual arrangement can be made, thus averting long-term problems or even possible eviction.<\/a>\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

By: Madalena Penny A recent report by the Chartered Institute of Housing revealed that 100,000 new houses are to be built this year.\u00a0 Under the previous labour government it was announced that 240,000 new builds would need to be completed every year running up to 2020 to sustain the populations housing needs.\u00a0 The report by […]<\/p>\n","protected":false},"author":2,"featured_media":11204,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3],"tags":[55],"yoast_head":"\nRent Arrears Increase in August - Legal For Landlords<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dev.withcreative.co.uk\/lforl\/rent-arrears-increase-in-august\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rent Arrears Increase in August - 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