Despite wider improvements in tenant finance, the number of those in severe rental arrears has risen drastically in the last two quarters, with 98,000 more than two months behind on rent- figures which are sparking a stark warning from Belvoir Sheffield
With cases of severe arrears up 3.3 per cent per quarter, The leading lettings agent in Sheffield City Centre is warning landlords to use a professional lettings agent to ensure that their risk is reduced.
In Q2 2013, the number of tenants in severe arrears – those more than two months behind on their rent rose on a quarterly basis. This is despite wider progress in the financial position of other tenants.
In absolute terms, the number of tenants in severe arrears rose by 3,000 to 98,000 in the second quarter. This brings the figure to the third highest level on record, with only the second and third quarters of 2012 seeing any worse.
Rick Flay, Director at Belvoir Sheffield, who offer a wide range of property to rent in Sheffield, said: “These latest figures show that landlords can easily find themselves in hot water if they do not credit check their tenants adequately and use a specialist tenant referencing service.”
Rick, whose letting agency on Campo Lane in Sheffield, specialises in providing flats to let Sheffield, added: “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 sales, lettings and property Management, Tenant Find, Investment and Wealth Management Advice, Fit-outs and Renovations, Furniture Packs and Investment Property Insurances and Mortgages.
Belvoir Sheffield was the winner of the Belvoir Franchise of the Year Award for 2013.
For more information please view the Belvoir Rental Index Alternatively, call 0114 25 25 215 or email us at sheffield@belvoirlettings.com
