Rent arrears hit a three year high
We know that the rental market has been extremely buoyant of late, but now sadly we discover the number of people in rented accommodation who are in severe arrears has reached the highest level in three years. According to the latest figures, there are 78,790 tenants in England and Wales who are at least two months behind in paying their rent, nearly 11,400 more than this time last year. This is the highest level since the third quarter of 2008.
This rise is due to the soaring cost of renting which has created a two-speed market. The overall tenant population has coped quite well with the rising rents and cost of living and total arrears were actually down year on year in November. However, a growing minority of renters are falling deeper and deeper into difficulties and the number of severe cases is actually rising. The number of tenants evicted through court orders has also risen. A sad state of affairs.
All of this leaves landlords in a difficult situation. No one wants to put anyone out of their home, but a landlord has a business to run and often a duty to his other tenants. Stress is affecting landlords who often find themselves in difficult situations, allowing for those who are perhaps serial defaulters and who slip through all the various vetting and credit checking procedures.
Buy to let insurance
These days a landlord needs to obtain as much protection as he can. There are various insurance products available on the market, the most easily accessible and also the most important is the insurance of the property itself – after all, this represents the investment and also generates the revenue. If you own a property which you intend to let out, or do so already, make sure you obtain professional and sensible insurance advice. For all your building and contents insurance requirements, talk to Westhill Insurance Services. Their professional and friendly team will be pleased to offer advice and guidance and, as an independent company, they can shop around to find the best possible policy to suit both your needs and your budget. Westhill Insurance Services pride themselves on their first class customer service and you will receive the very best advice from a team who really care. So should you ever have need to make a claim, you can rest assured you will be treated sympathetically and speedily. So talk to Westhill Insurance Services today and take away some of the worry of renting out your property – it's time to enjoy your investment and relax!
Contact Westhill Insurance Services, today.