UK Property Market Latest News

 

According to the latest information on the real estate market, the number of tenants who are seriously lagging behind debt to pay the rent almost rose to the highest level in the UK for these two years in the second quarter of 2015. Or actually currently 74,000 residents who already owe more than 2 months rent which shows that more than 5,000 households are in significant arrears from last year.

Annual growth of 7.2% until the second quarter of 2014, whereas this figure had previously stood at 69,000 in the UK. Calculated on a quarterly basis the number of cases of indebtedness shows that increased by 4.4% or 3,100 households, after standing at 70.900 in the first quarter of the year, according to reports Real Estate Reeds Rains but also part of LSL Property Services.

But perhaps as a positive fact that the recent report shows the recent venture of the condition of the serious indebtedness of tenants which are facing difficulties still relatively mild compared with the past. If we compare with the worst peak borrowing of rent which was reached in the third quarter of 2012 when 116,000 households owed more than two months overdue rent, this is significantly changed.

However, statistically it indicates that the chance of a major tenant to fall in arrears for rent is still extremely low. As a percentage of all joint tenants, those who are seriously heavy debts represent only 1.4% of all tenants, stable compared to the previous quarter and the same as seen in the previous year second quarter of 2015. It compares with 2.9% of the tenants first quarter of 2008, twice the current rate even before the worst financial crisis and recession at the same time.

Therefore, it is necessary to overcome the challenge of the need for changes in the construction of property in the UK. Better job positions on the market will be an important segment that many tenants will earn more, which could help increase rents for a certain period. For the best Tenant Eviction Service call us today on 020 8088 9015.