Monday, Aug 11, 2008
Buy to fret as rent arrears grow
FT: BTL owners face rising number of renters in arrears
Increasing numbers of people are unable to afford their rent, as rental costs continue to rise. As home-owners face the prospect of mortgage arrears and repossessions in the dipping housing market, private renters are also slipping into arrears. According to research from Axa, 13 per cent of renters have gone into arrears in the past 12 months because they can’t afford the rent and 7 per cent have done so in the past three months............
Posted by jack c @ 10:04 AM (553 views) Add Comment
3 Comments
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1. mark wadsworth said...
Good. So the market has set the upper limit for rents, so we STR's don't need to worry about rent hikes.
2. Whostolemyendowment said...
The 'Perfect Storm' approaches....
3. Barrym said...
Where food and transport costs represent a high percentage of tenants' expenditure affordability is bound to suffer, as for these people the true personal RPI figure is probably closer to 15%. The issue is whether rental demand will fall and push down rental prices. Fewer first time buyers in the sales market all need to live somewhere. I wonder whether the days of 18 year olds expecting to be able to afford a flat are numbered in a return to the situation in the 50s and 60s where living at home with mum was the norm for many into their 20s.
Barry
http://www.chard.co.uk