Following the results of a recent survey showing a sharp rise in tenant evictions and arrears Belvoir Sheffield, the leading letting agents in Sheffield is advising landlords to protect themselves and their investment.
The concerning research carried out by Templeton LPA, which receives rents for lenders whose landlords have defaulted, has revealed that the amount of tenants throughout England and Wales in severe rental arrears has increased by 13 per-cent year on year quarter two to 74,492.
The figures also indicated that evictions also increased over this period by nine per-cent.
Rick Flay from Belvoir Sheffield, which specialises in providing houses for rent in Sheffield said: “This sharp rise in tenant evictions is of course a cause for concern for the residential landlord. Job losses throughout the UK are having a huge impact on this and there are fears that the number of tenants defaulting could increase even further in the next 12 months.”
Paul Shamplina, Director of Landlord Action and former certified bailiff and private investor, recently commented on the issue online, he said: “In city centre’s, where there is an increased supply of buy to let property, we have seen a rise, year on year, of 20 per-cent in the number of landlords contacting us to help them evict their tenants due to non payment of rent and, whilst the numbers are on the increase, the length of time landlords are willing to give leeway to their tenants is decreasing.
He continued: “There are an increasing number of tenants losing their jobs and paying the rent is not always the top priority. Being just one month late with the rent can lead to the landlord experiencing mortgage arrears, so they are doing everything in their power to rectify the situation quickly. Our advice line for landlords has been overwhelmed with calls for assistance.”
Rick, whose lettings agency helps those wanting to rent property in Sheffield, continued: “There are steps that can be taken to protect yourself from defaulting tenants. At Belvoir Sheffield we have been able to keep our rental arrears extremely low compared to the national average and the reason for this is that that we conduct excellent tenant checks. Prior to a tenant moving in, Belvoir Sheffield run credit checks, get references from current employers and from past landlords, for all parties who intend to move into the property.”
“In addition to the steps taken to reference all tenants who wish to rent property in Sheffield, we also recommend that all of our landlords then purchase Rent Protection Insurance as a back up. This covers the landlord against non-paying tenants if they were to lose their jobs unexpectedly or if they were to fall ill, causing them to default.”, added Rick.
Designed to cover the landlord against any possible arrears until vacant possession is obtained, Rent Protection Insurance also covers any legal expenses as a result of a tenant breaching the tenancy agreement, or unauthorised occupation of the property. All Belvoir landlords have access to unique insurance packages. These include rent and legal protection insurance, house building insurance and home contents insurance. Belvoir insurance packages are comprehensive and typically cost a third of their nearest competitor – saving you money while ensuring your property is properly protected.
Belvoir Letting Agents Sheffield are the One Stop Specialists for Lettings including Property Management, Tenant Find, Investment and Wealth Management Advice, Fit-outs and Renovations, Furniture Packs, Investment Property Insurances and Mortgages
