Latest Insurance News
Number of buy to let insurance customers experiencing rental arrears 'horrendous'
26 Jul 2010
Posted by Dan Winters
The number of buy to let insurance policyholders that have seen tenants falling behind with rent payments in the last three months is "horrendous", the Residential Landlords Association (RLA) has said.
A fifth of all buy to let landlords have had tenants in rental arrears during the second quarter of 2010, with the average amount owed standing at £799, according to the National Landlords' Association.
These figures represent a slight improvement on the first three months of the year, however, when 24.5 per cent of buy to let insurance customers had tenants in arrears and the average outstanding rent was £978.
Alan Ward, chairman of the RLA, advised buy to let landlords to attempt forming strong relationships with their tenants so that any financial problems could be dealt with as quickly as possible.
He said: "If people have been good tenants over a long time then you can work with them sometimes and, if not, they have to face the predicament that they have put themselves in. It is frankly just part of being a landlord."
