Some 32 per cent of landlords in the UK – approximately 500,000 – say they have experienced rent arrears in the last 12 months, says the National Landlords’ Association.
The research shows that a typical landlord faces £1,649 of outstanding rent, totalling £850m worth of rent arrears across the UK. The findings also show that 22 per cent of landlords in the UK – approximately 300,000 – are worried that their tenants won’t be able to keep up rental payments over the next year.
The research supports the launch of the NLA’s latest campaign called Rent, Risk, Resolve., which aims to highlight four of the biggest risks facing landlords - rent arrears, rising interest rates, local landlord licensing and regulation, and the introduction of rent controls.
“Regardless of the size of your portfolio the potential impact of these risks can be devastating on both the business and personal life” says NLA chairman, Carolyn Uphill.
The first focus of the NLA’s campaign will be the risk of rent arrears. The NLA has produced a free guide to support landlords to deal with the problem.
Peter Lawrence of Lawrence Rand said: “These figures from the NLA do not tally with our own figures which show tenant arrears to be a significantly smaller issue and clearly the benefits of using a professional letting and managing agent helps ensure that good quality tenancies are created and maintained.”