Rent arrears affect around one third (32%) of all landlords in the UK, says recent research from the National Landlords Association (NLA).1
The study found that of the 500,000 experiencing missed payments; the average landlord is owed £1,649 in outstanding rent payments, reaching a total of £850m around the UK.1
The NLA’s research also revealed that one in five (22%) landlords, around 300,000, are concerned about their tenants keep on top of rental payments in the next 12 months.1
The study comes as the NLA introduce their rent, risk, resolve campaign. The move intends to underline four of the biggest risks affecting landlords, and try to avoid a big impact on their assets.
The areas of concern are:
- Rent arrears
- Rising interest rates
- Local landlord licensing and regulation
- Rent controls
Chairman of the NLA, Carolyn Uphill, says: “All landlords will be affected by one or more of these issues to some extent somewhere down the line and it’s vital to keep in mind the major threats to the success of your business.
“Regardless of the size of your portfolio the potential impact of these risks can be devastating on both the business and personal life. As the largest landlord association in the UK, we have a duty to support and advise on how to plan ahead effectively and manage these risks.”1
The initial attention of the campaign will be on rent arrears. The NLA has created a guide to aid landlords with this issue.
The free guide, which can be downloaded at www.landlords.org.uk/rentriskresolve, will help landlords identify potential problems early on, and explain how to deal with it to avoid a bigger issue.
1 http://www.landlords.org.uk/news-campaigns/news/landlords-owed-more-£800m-in-unpaid-rent