by Daniel Jones
The number of landlords seeking vacant possession of their properties over the last year has reduced significantly.
New figures from the National Landlords Association (NLA) show that there was a 43 per cent fall in the amount of rental property owners heading down this path, from 20 per cent of the total number of landlords a year ago to just 14 per cent this year.
What’s more, fewer landlords are having to turn to legal firms in order to secure advice, assistance and legal services, indicating renting a home has become easier and more free of problems than in previous times.
Carolyn Uphill, chairman of the NLA, said that there is no doubt that it’s hugely encouraging to see the number of vacant possession orders heading down, as this can be a sign of an improving economy.
“However, the economic conditions are still tough for many and this affects landlords and tenants. Landlords need to be receptive to their tenants’ needs. However, if tenants are struggling to meet their rental commitment, landlords must be mindful of their own budget and their ability to meet mortgage payments,” Ms Uphill explained.
“In the worst cases, rather than letting arrears escalate, landlords may need to seek possession to maintain their balance sheet.”
She went on to suggest that the NLA has some useful information that can be used by landlords hoping to ensure the smooth running of their rental property. It should be the aim of every landlord to reduce the number of possessions made in the months to come.
Offering high-quality accommodation should be considered a must for every landlord as meeting the regulations governing them will ensure that they do not land themselves in trouble at any time.
It can also help to guarantee that rental homes don’t stay empty for long in between tenants, meaning landlords don’t find themselves down in financial terms.
Published on: February 18, 2014