Posted by Jack Pestill, Associate
On 1 September 2016 Withy King LLP merged with Royds LLP. The trading name for the merged firm is Royds Withy King. All content produced prior to this date will remain in the name of the firms pre-merger.
Rent arrears remains a problem for landlords
Late payment is the number one headache for landlords, new research has shown
A questionnaire conducted by an online letting agent, PropertyLetbyUs, found that waiting on rent continued to cause financial difficulties for a large number of those who let properties.
In fact a quarter of those surveyed stated that late payments were their chief concern.
Problem tenants, property damage and deposit disputes were also listed as some of the things that landlords worry about.
Interestingly, despite a HMRC crackdown on undeclared income, there didn’t appear to be major worry about tax issues.
Jane Morris, managing director of PropertyLetByUs, said: “On the whole, 2014 was a good year for landlords, with increased tenant demand, rising rental income and asset value growth but late payment of rent is still a big issue for landlords.”
Recent figures from the National Landlords Association revealed that around a third of all landlords had struggled with rent arrears in 2014. The problems are likely to continue this month, with tenants often experiencing money troubles following the expense of Christmas.
Despite this Ms Morris said that, on the whole, it was shaping up to be a good 12 months for the rental sector.
“All the signs are showing that 2015 could be another bumper year for landlords, with the rental market set to continue its growth, from the current nine million tenants renting in the UK.
“The good news is that the stress of void periods and finding new tenants will further diminish, as demand starts to outstrip supply.”