As inflation rates hit an all-time high in the UK, forecast to hit 8% in April 2022, as does the demand for rental properties. Tenant demand in the UK is the highest it has been since records began in 2011 and it set to keep rising. The demand for homes has grown significantly throughout 2021 and has now spilled over into 2022 meaning that this is now 4 times higher than 2 years ago in the beginning of 2020.
Fuel prices and energy bills have driven prices up to the highest level for 30 years. The cost of living crisis in the UK has deepened after official data revealed that the rate of inflation hit 7% in the 12 months to March 2022 – the highest level since 1992. Unfortunately this is having a real impact on many tenants who are struggling to make ends meet and cannot make rent and/or utility payments.
A landlords worst nightmare is having a tenant who cannot (or will not) pay their rent. Each of our tenants are individually referenced, this includes a full credit check, employment check, Home office ID check and previous landlords reference if applicable, however, circumstances can change very quickly, potentially leaving vulnerable tenants in an unforeseen situation.
In instances such as these, rent guarantee insurance will pay your rent where tenants cant. Your rent will be paid in full with no questions asked for as long as it takes to regain the money from the tenants, and/or evict them from the property. The debt and all administration work involved will be taken over by the lettings team at Belvoir and Let Alliance ensuring you are paid promptly and any problems sorted. A recent claim saw one landlord receive rent for 16 months while the tenant was served notice. This unfortunately started at the start of Covid and so took a lot longer than normal to complete, but Let Alliance paid every month, without fail to ensure the landlord could make her mortgage payments, to which she was extremely grateful.
If you would like to know more, we are more than happy to send you over some more detailed information, our costs are detailed below:
£36.00 per month INC VAT for properties achieving rent up to £1000.00 pcm, and £42.00 per month INC VAT for properties achieving rental above £1000.00 pcm
