At Intercounty, we are always keen to hear positive news for landlords, especially after what has been a testing and trying time.
We are delighted to work closely with many local landlords in and around Great Dunmow, and we are sure they’ll appreciate the great news that rent arrears are falling.
The impact of the lockdown and COVID-19 left many landlords wondering if tenants could afford to pay their rent, but it appears as though the worst fears haven’t come to fruition.
Some landlords have struggled
A new survey of nearly 4,000 landlords from buy-to-let specialist, Sequre Property Investment, has revealed that nearly one in five (17%) have experienced rental arrears as a result of the pandemic.
Sequre Property Investment conducted a survey of close to 4,000 landlords, and the findings are of interest to landlords and property investors:
14% of respondents experienced rental arrears because of the pandemic
27% of this group have suffered one month’s rental arrears
23% of this group have experienced between one- and two-months’ rental arrears
50% of these respondents have experienced rental arrears of at least two months
There is cause for optimism for some landlords
There is evidence which suggests the wave of pandemic rental arrears is dropping:
36% of respondents say the level of rental arrears due to them has remained the same since the peak point of the pandemic
37% of respondents have experienced a fall in rental arrears
28% of respondents have witnessed an increase in rental arrears
Daniel Jackson, Sales Director at Sequre Property Investment, commented: “The pandemic has posed problematic for tenant and landlord alike but while the nation’s tenants have been afforded a great deal of government protection, little has been done to aid those landlords facing a backlog of unpaid rent. With the government all but blocking the ability to evict tenants who can’t pay, the only option on the table has been to sit tight and wait for this storm of rental arrears to blow over.”
Daniel Jackson continued by saying; “The good news is that many now seem to be weathering this storm and having shown faith in their tenants during hard times, the majority of landlords are now starting to have this faith repaid in the form of overdue rent. Of course, there are some tenants who are not yet out of the woods, as well as those who seek to take advantage of the system, but the rental market certainly seems to be rebounding in the right direction.”
Daniel Jackson concluded by saying; “Despite these tough times of late, as well as a string of legislative changes to buy-to-let profitability, the buy-to-let sector remains a lucrative business and continues to attract attention from the amateur landlord, right through to the institutional investor.”
For all rental market enquiries in Great Dunmow, please feel free to call us on 01371 874005 or why not email us at firstname.lastname@example.org. With considerable experience in the local housing market, and free valuation services, we look forward to helping you make an informed decision when you move in or around Great Dunmow.