Tenant evictions and arrears in sharp rise.
According to a recent research by Templeton LPA the number of court orders to evict tenants have risen by a staggering 9% over the last year, and the number of tenants in serious arrears with their rental payments is up by 13%. With these figures set to rise further this spells out a worrying trend for landlords and how effectively they are able to service their mortgage payments.
It is estimated that there are 8700 more tenants in arrears than there were 2 months ago. With rents rising and cost of living increasing this will put even further strain on tenants. Nationally the percentage of tenancies in arrears is about 2.1% of all tenancies.
At Martin & Co Stirling we strongly urge all landlords to consider taking our some sort of protection against tenants defaulting on rent payments. Protection is available in the form of rent guarantees and will normally cover you legal expenses should you have to evict a tenant and the cost of these rent guarantees are not as much as some people think.