Landlords could be forced to seek debt management solutions
Landlords could be forced to seek debt management solutions
Tuesday 21st April 2009
New figures from Smartlandlord.co.uk, a property services website for landlords, show that unemployment among new tenants has soared in the past 12 months by five per cent and is now at 7.8 per cent.
The organisation has said that the private rental sector is suffering particularly badly due to the fact that more than 40 per cent of those currently unemployed are under the age of 25, which is "typically a renting demographic".
Of all the UK regions, landlords in Northern Ireland are at the greatest risk of being thrown into debt because the region has been worst hit, with 16.8 per cent of new tenants in the private rented sector now unemployed.
According to Keshav Thukaram, the organisation's managing director, the figures highlight the fact that there is rising demand from unemployed tenants as redundancies mount.
"With the social housing sector ill equipped to cope with extra demand, private landlords are increasingly being called upon to take in unemployed people on benefit," he said.
Mr Thukaram went on to recommend taking on these kinds of tenants, which he said "can be a good way to secure a regular income in the current environment".
However, he advised those opting for this route to apply to have their rent paid directly by the council, since "some landlords are suffering because benefits aren't being paid on time".
According to the latest data from debt charity Credit Action, the total UK personal debt at the end of February 2009 was £1,458 billion.
News article brought to you by Debt1 – The debt management company.
Related News
Debt management expert 'concerned' about rising (NI) debt - 20/04/09
An economist from Northern Ireland (NI) has blamed lifestyles adopted by British consumers in the recent past for throwing thousands across the province into unprecedented levels of debt, it has been reported
An economist from Northern Ireland (NI) has blamed lifestyles adopted by British consumers in the recent past for throwing thousands across the province into unprecedented levels of debt, it has been reported
Consumers urged to prioritise for debt management - 14/04/09
Britons have been advised to improve their financial situation by identifying their most damaging debts
Britons have been advised to improve their financial situation by identifying their most damaging debts
Brits favouring debt management over home improvements - 07/04/09
A new survey has suggested that many British property owners are scrapping home improvement plans in a bid to keep their spending down and avoid more household debt
A new survey has suggested that many British property owners are scrapping home improvement plans in a bid to keep their spending down and avoid more household debt
Debt management problems 'dividing young and old Britons' - 06/04/09
The burden of personal debt is creating a major divide between generations in UK society, Vince Cable has claimed
The burden of personal debt is creating a major divide between generations in UK society, Vince Cable has claimed
Fighting the urge to spend 'could boost debt management' - 02/04/09
Many women could improve their financial situation and avoid debt problems by resisting the urge to "splash out" on big purchases, it has been claimed
Many women could improve their financial situation and avoid debt problems by resisting the urge to "splash out" on big purchases, it has been claimed
News Article Search
Quick Apply
News Archive