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cashinmattress

Lsl Reveals 560,000 Tenants In Arrears

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LSL reveals 560,000 tenants in arrears

A staggering 560,000 tenants are in arrears, according to new research from LSL Property Services.

This is equivalent to 11.6% of all rent due, according to the research, which is based on 18,000 rental properties and tenancies from around the UK.

Around 133,000 tenants faced potential eviction for arrears at the end of May, equivalent to one in 25 renters. A whopping 557,170 tenants had not paid their rent at the end of last month, with one in seven of these over two months late with their payments. Tenants in England and Wales were collectively behind with their rent by £254m.

David Brown, commercial director for LSL, says: “Tenants on lower rents are most likely to fall behind with their payments. These people are usually in lower paid jobs and have found themselves much more vulnerable to the economic downturn.â€

But he adds: “Although the figures look bad, they actually represent an improvement on the picture back in November when the first big waves of job losses in the UK were being felt. “At that time, arrears totalled £278m, equivalent to 13.5% of all rents due. Some 622,000 tenants had fallen behind with their rent at that time and 151,000 faced possible eviction.â€

How many of these folks are in arrears to BTL landlords, who are also on the ropes?

The tenants get the boot, and can start anew tomorrow, not quite the same situation for the mortgage holder though...

The party is over, big time.

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