Posted on February 5, 2021
The coronavirus pandemic has affected landlords across the nation. As Newcastle’s trusted estate agents, we are here to offer help to landlords in these troubling times. Studies show that household finances are under extreme strain, suggesting that people are digging into their savings to meet expenses owing to a loss in income from employment.
As a result, more and more landlords are experiencing growing tenant arrears. As your letting agents in Newcastle, we are exploring all avenues to help and support property owners.
Although the lockdown measures in the UK have eased, many reports suggest that a lot of tenants may continue to struggle to pay their rents owing to the pandemic-induced unemployment.
A recent survey by YouGov shows that one in eight renters is behind on rental payments since the start of the pandemic.
Although benefit programmes such as Universal Credit and the furlough scheme have supported the tenants in paying their rent, payments are not so predictable.
As your property management agency in Newcastle, we are on hand to help our landlords in dealing with rent arrears and other related issues.
We can help you to create payment plans so your tenants can pay back arrears over a period of time as suggested in the government guidelines that were issued at the start of the pandemic.
Here at Wright Residential, we understand the importance of recording these payment plans. This way landlords can easily see whether tenants are making repayments on schedule once things are back to usual.
Like most other estate agents in Newcastle, we have offered extremely flexible temporary payment plans to tenants in recent months. By recording all the information digitally, we are able to ensure that all parties have a clear picture of their financial position, thereby increasing your chances of recouping any unpaid rent.
By keeping a record of any agreements and conversations made with tenants, we can help reduce the chances of payment disputes in the future.
The government has banned evictions until 21 February to support those struggling in the pandemic. Even so, we recommend our landlords pursue the eviction process only as a last resort. We believe that it is important to keep the communication open with your tenants.
We are advising tenants struggling with rental payments to seek support to pay as much rent as they can. We have recommended our tenants to apply for schemes such as Self-Employment Income Support Scheme and Universal Credits.
Got a question? Need help supporting your tenants? The team at Wright Residential can answer any questions you may have to make you feel more comfortable during these troubling times. Contact us online or call 0191 240 1818 to speak to us.