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TODAY'S OTHER NEWS

Sharp rise in arrears as rents soar, say letting agents

There has been a sharp rise in rent arrears –  they made up 8.7% of all rent payable in June, according to data collected by Your Move and Reeds Rains. 

Although a spokesman for the agencies says this figure is still “far lower” than was seen during the downturn, it is notably higher than the 7.6% as recently as May this year, and the 7.8% recorded a year ago.

The agents also say that annual rent rises hit 5.6% across England and Wales in June, the fastest increase since the firms started recording the market in 2009.

The agencies say rents are now growing faster than house prices on an annual basis, for the first time since July 2013.

Rents across England and Wales reached an average of £789 in June, standing 1.4% higher than the £778 recorded in May.

The agencies’ spokesman, Adrian Gill, said there may be more rent rises to come.

“In the wake of the Summer Budget’s reduced assistance for landlords, we might see many aim to pass additional costs onto their tenants. If so, rents would receive yet another acceleration” he said.

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    Thats OK, landlords are rich are they not? Well according to at least 2 of the new potential Labour leaders they are (BBC1 new leaders debate yesterday). Clowns Corbett and Andy Burnham seem to think that we are all just rich Landlords.

    Seems this lot want to cling onto policies that got them tanned in the last election.

    Personally with this chat and new legislation that will probably hit us in Scotland, it seems to be acceptable not to pay your rent. On the priority list, rent is moving further and further down it. Shocking.

    If you are thinking of entering this industry, don't bother.

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