Tough Times Ahead for Renters as Rents Rocket

The IMF announced recently that families could be £1,500 worse off over the next five years, and the British economic recovery will be ‘bumpy and uneven.’ Not good news for families already struggling.

Kevin Still, Director of Atlantic, says:

“A recent report from The Association of Residential Lettings Agents found that there are currently more prospective tenants than properties available. The stagnant property market is making renting the only option for a growing number of individuals and families, with little option but to pay the higher rents now being demanded. 

"The average monthly rent in the UK rose to its highest ever level in the second quarter of 2011*, to £867. Not only is it harder to find a property, but demand has pushed up rent across the country and many existing tenants are struggling to pay.

“Rent increases are yet another financial burden for families at a time when living costs have already climbed steeply. As the tough times continue across the board, those already in financial difficulty will struggle most.

"It is now more important than ever to manage any existing debts effectively to avoid potentially serious knock-on effects such as the devastating possibility of being evicted from your home.

“At Atlantic one of our priorities is to protect a client’s tenancy and ensure that a realistic repayment arrangement is negotiated to clear rent arrears as part of a holistic debt solution. 

"Landlords and Residential Letting Agents need to work with debt advisors to find the right debt solution for their tenants, rather than just start proceedings to evict, which can be very expensive and reduce rental income.”