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20% Of Renters In Wales A Month Behind On Rent

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ITV Wales just did an item headlining their news bulletin that 20% of landlords in Wales have tennants who are at least a month behind on their rent.

Talked to landlords who were saying how they still had to pay the mortgage even if the renters did not cough up and how if they lose one house to repossession then they run the risk of losing all their BTLs.

One landlord pointed out that the decline in the economy with people losing jobs was causing renters to do runners leaving unpaid rent.

Pointed out that if you needed an income from renting out property then many landlords would tell you not to bother getting into the rental game.

Oh dear - finally coming home to Wales. Looks like a significant number of landlords are hanging on by their teeth.

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ITV Wales just did an item headlining their news bulletin that 20% of landlords in Wales have tennants who are at least a month behind on their rent.

Talked to landlords who were saying how they still had to pay the mortgage even if the renters did not cough up and how if they lose one house to repossession then they run the risk of losing all their BTLs.

One landlord pointed out that the decline in the economy with people losing jobs was causing renters to do runners leaving unpaid rent.

Pointed out that if you needed an income from renting out property then many landlords would tell you not to bother getting into the rental game.

Oh dear - finally coming home to Wales. Looks like a significant number of landlords are hanging on by their teeth.

Interesting post.

Think it may be much more than 20% before too long - with the BofE and Corus spelling out the reality of the UK's predicament - and with rising unemployment - lower or frozen wage settlements/short time working etc - property prices can only go down - vendor resistance is crumbling slowly but surely.

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Interesting post.

Think it may be much more than 20% before too long - with the BofE and Corus spelling out the reality of the UK's predicament - and with rising unemployment - lower or frozen wage settlements/short time working etc - property prices can only go down - vendor resistance is crumbling slowly but surely.

I hear on the grapevine that Corus in Wales is in big trouble, although you do not need to have inside information to work that one out.

It - the recession - still has not truly hit Wales because of the dominance of the public sector. I think 6 in 10 Welsh people work in the public sector and by the time you add in those on benefits it is something like 8 in 10 who are dependent upon the state.

All my public sector friends seem oblivious to the recession except those who have MEWed or got themselves in debt via loans, credit cards, etc. On the other hand I am hearing more and more about those in the private sector who are in danger of losing their jobs, or who have lost their jobs or know someone who has.

This story tonight though was a good indicator of what is happening in the Welsh housing market. It sounds as if many landlords cannot hang on much longer. At the same time Wales has the second highest number of people in the UK who are behind on their mortgages.

As Dylan Thomas wrote... Times passes.

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Sorry to be pedantic but taking the moral high ground as we so often do with statistics quoted by HPI VIs, I should point out that the interpretation of this statistic in the title is incorrect. From the fact that 20% of landlords have at least one tenant in arrears you cannot conclude that 20% of tenants are in arrears. If landlords on average have two properties, for example, then the true figure of tenants in arrears could be nearer to 10%. Still a shocking statistic, but let's get it right!

Smith

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Sorry to be pedantic but taking the moral high ground as we so often do with statistics quoted by HPI VIs, I should point out that the interpretation of this statistic in the title is incorrect. From the fact that 20% of landlords have at least one tenant in arrears you cannot conclude that 20% of tenants are in arrears. If landlords on average have two properties, for example, then the true figure of tenants in arrears could be nearer to 10%. Still a shocking statistic, but let's get it right!

Smith

Well spotted and point well made.

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Local newspaper in the Forest of Dean (The Forester) last week had front page banner headline `Welsh try to nick our firms'.

How very dare you.

Seems Valleys `regeneration' organisations are phoning small companies offering grants and suchlike to relocate.

About time the spirit of Offa was rekindled.

But perhaps a sign of the times - first that regions are competing to pay for a handful of jobs for their areas, and that it happening got such a big headline (admittedly in a not big newspaper).

Y

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Local newspaper in the Forest of Dean (The Forester) last week had front page banner headline `Welsh try to nick our firms'.

How very dare you.

Seems Valleys `regeneration' organisations are phoning small companies offering grants and suchlike to relocate.

About time the spirit of Offa was rekindled.

But perhaps a sign of the times - first that regions are competing to pay for a handful of jobs for their areas, and that it happening got such a big headline (admittedly in a not big newspaper).

Y

This has long been a pain of businesses in Wales. If you set up a business in Wales it is nigh impossible, unless well-connected, to get any WAG aid but the WAG goes hell for leather to attract non-Welsh businesses by offering them all sorts of aid packages.

Time and time again Wales has been screwed by 'sharp' operators though who take the money and who then do not deliver. The failed LG factory is perhaps the best example.

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This has long been a pain of businesses in Wales. If you set up a business in Wales it is nigh impossible, unless well-connected, to get any WAG aid but the WAG goes hell for leather to attract non-Welsh businesses by offering them all sorts of aid packages.

Time and time again Wales has been screwed by 'sharp' operators though who take the money and who then do not deliver. The failed LG factory is perhaps the best example.

+ 1

The LG site was a huge white elephant.

Lots of this kind of thing happened as a result of Thatchers cull of the Welsh mining industry. Lots of companies re/located to wales as a direct result of grants from the then WDA (Welsh Development Agency). When the conditions were met i.e. when the companies didn't have to repay any of the incentive money they high tailed it out leaving only the call centres left. Thats why Wales has such a large Public Sector workforce.

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It - the recession - still has not truly hit Wales because of the dominance of the public sector. I think 6 in 10 Welsh people work in the public sector and by the time you add in those on benefits it is something like 8 in 10 who are dependent upon the state.

Link please. That is a shocking assertion. Incredible to think that a large part of the UK has already embraced communism.

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Sorry to be pedantic but taking the moral high ground as we so often do with statistics quoted by HPI VIs, I should point out that the interpretation of this statistic in the title is incorrect. From the fact that 20% of landlords have at least one tenant in arrears you cannot conclude that 20% of tenants are in arrears. If landlords on average have two properties, for example, then the true figure of tenants in arrears could be nearer to 10%. Still a shocking statistic, but let's get it right!

Smith

Splendid thinking.

+1

Can I just add that if said landlords go bankrupt, that's more than one tenant thrown on the street due to the repossessions?

;)

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