Sell My Stockton Property Fast
Sell My House Quickly Stockton found another interesting article for landlords with tenants in rent arrears looking to sell their property fast in Stockton.
Full article by Pay Prop UK
In March 2020, the UK went into lockdown in response to the global COVID-19 pandemic. A year on, the impact of the pandemic and subsequent lockdowns is there for all to see in the rental market. Between Q1 2020 and Q2 2020 alone, the initial lockdown before government support became available resulted in a 53.7% increase in the number of tenants in arrears.
But despite ongoing challenges throughout 2020, the second quarter represented the peak number of tenants in arrears. The large initial increase may have been due to uncertainty around COVID-19 restrictions, how long they were going to last and the impact they would have on income over time.
To ensure they had enough money to cover living expenses, tenants appeared to withhold rent initially, paying it back over time as lockdowns were lifted and/or government support became available. This supposition is borne out by a reduction in the number of tenants in arrears every quarter after Q2 2020. While this was encouraging to witness, other data suggests that those managing to get themselves out of debt owed the smallest amounts. But if the trend continues, national governments and local authorities will avoid a massive spike in arrears-based evictions once COVID-19 related ‘evictions ban’ come to an end.
While the number of tenants in arrears has been trending downwards since the initial spike in Q2 2020, the amount they owe, both as a percentage of the total rent and in real terms, has continued to climb. One year since the start of the pandemic, UK tenants owe an estimated £728 million in rent.
There is, however, a silver lining. The rate at which this debt is increasing has slowed, from a high of 14.28% between Q3 2020 and Q4 2020 to a low of 2.56% between Q4 2020 and Q1 2021. This would have come as a relief to landlords relying on rent for income or a pension, as well as the letting agencies that use rent commission to pay their bills.
Rent arrears and want to sell my property fast in Stockton? Contact Sell My House Quickly Stockton today on 07495 367 039, or click here and fill out the form.