The cost-of-living crisis is taking its toll on the private rented sector as tenants struggle to pay their rent on time. According to research from mortgage lender Molo, landlords in the UK are owed an average of £725 in overdue rent.
Those in Yorkshire and the North East are particularly affected, experiencing the highest number of late payments each year. Meanwhile, landlords in Greater London are owed the most amount of money.
VP of Strategy at Molo, Mark Michaelides, commented, “Our recent research found that over half (54%) of landlords have implemented payment plans for tenants facing late rent.” He added, “As a tenant, it’s important not to ignore the problem. I’d advise tenants to communicate promptly, explaining reasons for delays and requesting additional time. Open dialogue can lead to collaborative solutions.”
🚨 Data accurate as of the date of publication –08.02.2024
🚨Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
🚨 The above material is for informational purposes only and does not constitute a sales offer or financial advice. Before taking out any insurance, credit agreement or other financial product, you should obtain individual advice on your requirements and the general terms of the contract.
Source: Quilter Financial Planning – Residential Property Review, January 2024
