One thing is certain in regard to the increase cost of any dwelling.  When cost of rent increases, the number of those finding themselves in arrears increases.  That is the theme expected over the coming months by those who function as landlords across the UK.  The increase in cost to private rental property began steamrolling in the year 2008 and has not slowed down since.  Once again, basic economics are coming into play.  More demand for rental space is occurring with the difficulty for many to obtain mortgage lending.  Combine that with a flat line of increasing wages, and rental property is where everyone is turning for a dwelling.

The numbers are scathing.  The unfortunate group of those finding themselves in arrears is increasing by 18% each year.  This is the highest number since the middle of 2008.  The number of evictions which have been issued is up 11% during the last year as landlords have nowhere else to turn.

Paul Jardine, director and receiver at Templeton LPA, commented on the rental landscape and how increasing rental cost affects renters, saying: “The soaring cost of renting has created a two speed market. The overall tenant population has coped relatively well with rising rents and soaring living costs with total arrears actually down year on year in November. But a growing minority of renters is falling deeper and deeper into payment difficulties, and the number of severe arrears cases is rising.

“While the wider tenant mix has changed since the mortgage market downturn with a greater number of financially sound yet frustrated first time buyers, a growing number of tenants are seeing their job prospects affected by the UK’s economic malaise.”