It is always nice to post good news for Landlords and today is most certainly a good day as we read an article from Property Wire that was published yesterday about the UK Job market improving, which is thus having a positive effect on rental arrears across the UK.
No landlord in the UK wants to have money owed to them. It is a stressful situation that we all want to avoid, as the knock on effect it has on the landlords personal financial situation can have disastrous consequences. Mortgage payments can be missed, as well as other critical payments and often landlords have to dip into their own personal funds to cover the shortfalls and not to mention the costs involved in having to recover the money owed and then a possible eviction process if things go to far… it can get very messy and very costly!
We have personal experience of this and can say it is not a pleasant situation to be in, but hearing that the UK Job Market is improving thus making rent arrears fewer is music to our ears.
The statistics make good reading as Property Wire writes “In absolute terms, just 86,200 tenants across the UK are more than two months behind in their rent in the first quarter of 2016 compared to 89,300 in the previous quarter which is a fall of 4%”