ludlowthompson arrears outperform competitors
- 17th September 2012
- Landlord Property News
Arrears for ludlowthompson-managed properties stood at 4.5% in June 2012, half that of competitors
ludlowthompson continues to buck the trend with much lower arrears figures than its competitors.
Stephen Ludlow, Chairman of ludlowthompson, says: “Arrears figures of 4.5% are below those of our competitors, which is a welcome note, especially given the double-dip in the economy.”
By contrast the average arrears in the UK are more than double that, at around 9.2% in June 2012. (Source: LSL)
Stephen Ludlow explains: “Through our robust tenant referencing process, we are able to keep a close tab on arrears, ensuring they are as low as possible.”
Through ludlowthompson’s managed lettings service, agents can offer:
• Thorough tenant referencing checks.
• Automated systems in place to catch late rent payment before it escalates into a major problem.
• Extensive experience of using the full set of legal tools to enforce rent payment.
Stephen Ludlow adds: “We have an expansive marketing and pro-active re-let strategy which ensures fewer empty periods between lettings. Almost 99% of LT's managed properties are occupied.”
Data from the National Landlords Association, shows that 49% of landlords have experienced rental arrears in the last 12 months and 37% of landlords are worried about instances of arrears in the months ahead.
Stephen Ludlow says: “The UK jobs market has been hit by difficult economic conditions which has fed through to increased arrears. Landlords should work with their tenants to minimise the impact of financial stress. Short term instances of arrears can often be resolved with a sensible repayment plan. Sometimes it is in the landlords’ best interests to help tenants through tough financial times where possible.”
Top London property tips to ensure arrears are kept low:
Ensure thorough reference checks are carried out to confirm that tenants can afford the rent.
This is essential to insure against damage or loss and should be protected in a government licensed scheme.
Help tenants by arranging a repayment plan for arrears.
The landlord is entitled to issue a Section 8 Notice to initiate possession proceedings where arrears are above two months.
Stay in touch with the tenant and address the issue early. Establishing the root cause - ie. loss of employment, temporary poor budgeting or a relationship breakup - can help to work through a solution.
Arrears figures of 4.5% are below those of our competitors.
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