23
Nov
Rental arrears drop for buy to let market
There has been a drop in the number of tenants falling into rental
arrears in the buy
to let market, a report has revealed.
Statistics released by LSL Property Services showed that the amount
of outstanding rent owed to buy
to let owners dropped from £229.3 million to £221
million between September and October 2010.
Estate Agency managing director of LSL Property Services David
Newnes said: "Falling arrears provided another boost to landlords
in October."
He added that there is normally a "flurry of tenants" who move into
new buy
to let properties in September, which means that by October
they have had time to "get their finances in order and ensure that
their landlords are receiving rent".
This drop in arrears comes despite rental costs increasing by 0.4
per cent in October, LSL Property Services reported, going from an
average of £689 in September to £691 the following
month.
According to the Rent Index, over the last three months, rents rose
by 1.63 per cent and 4.37 per cent over the last
six. 