Nearly a fifth of private residential landlords had tenants in rent arrears during the second quarter of this year according to recent research published by the National Landlords Association (NLA).
The new figures reveal that while one third of landlords had never sought to end a tenancy, the survey found 23.3 percent of them had because of anti-social behaviour by tenants.
Landlords also reported that in more than half (57 percent) of possession cases the tenants took less than three months to move out, while 81 percent of cases were resolved within five months.
David Salusbury, the NLA’s chairman, said: “Gaining possession can be very costly for landlords, especially when it is related to rental arrears. Many landlords have mortgages to pay on top of the expense of gaining possession.
“One third of landlords have reported paying between £250 and £1,000 to have tenants removed. This amount is often compounded by late rent payments.”
A new UK-based residential property company has launched a service to help landlords with even worse financial worries.
Property Portfolio Rescue (PPR) is running a ‘Stop the Repossession’ service to the advisory market, which it says provides a quick and discreet sales service for clients facing repossession.
The company claims the service is a genuine alternative to repossession as it gives landlords the opportunity to sell their property or property portfolio quickly.
PPR says it already owns more than 200 properties and manages over £40 million worth of property assets as landlords.
Nick Hopkinson, director of PPR, said: “As a privately-funded landlord with a wealth of experience in this market, we often work with advisers and their clients to realise their assets and stop their banks and lenders moving to repossession.
“Our funding is already in place, which means we can in some cases exchange within 48 hours subject to due diligence.
“Advisers who introduce clients to PPR can be certain that they will be treated fairly, discreetly and above all, quickly, right through to completion.”
