A brand new report has shown that more private rented sector tenants are falling into severe arrears, highlighting the need for landlords to seek professional advice claims Belvoir Sheffield, a leading lettings agent of Sheffield.
The new report entitled Tenant Arrears Tracker, found that 94,000 tenants in severe arrears, an increase of 4.8 per cent over the December 2012 figure.
The reported increase overturns much of the improvement in severe arrears seen in the final quarter of last year and leaves the quarterly figure the fourth highest on record, according to LSL Property.
Rick Flay, Director at Belvoir Sheffield, who offer a wide range of property to rent Sheffield, said: “This latest report comes as a bit of a surprise, many landlords in Sheffield have seen a slight improvement in arrears in the last few months. Credit is still hard to find, which is why the Government needs to be finding new ways to cope with the increased demand from tenants who are unable to get onto the property ladder.
Rick, whose company, specialises in providing residential property lettings in Sheffield, added: “These figures highlight the importance of seeking professional advice when selecting the right tenant for your property.
“By using the detailed credit checking service, landlords can eliminate some of the risk associated with non paying tenants. Prior to a tenant moving in, Belvoir Sheffield would run thorough credit checks and get references for all parties who intend to move into the property. This should ensure that from day one, you are moving the right tenants into the property and are selecting only those who will respect their surroundings and return everything as they found it at the end of their agreement.”
I would also advise any landlord to source adequate landlords insurance at the very first opportunity. lettings agents such as ours can offer excellent and cost effective cover, but it is essential that you take out a policy just in case you need it.”
Belvoir Lettings Sheffield is the One Stop Specialists for Lettings including Landlords services such as Full Property Management or Tenant Find Only, Investment and Wealth Management Advice, Fit-outs and Renovations, Furniture Packs and Investment Property Insurance and Mortgages.
