Dramatic drop in tenant arrears despite rising rents, says Your Move

There has been a dramatic reduction in the number of tenants who are in arrears despite rising rents across the UK, it has been claimed. Agent Your Move says 8.4% of its tenants were in arrears during January, down from 12.4% in December and significantly less than six months ago when arrears peaked at 13.7% of its tenants. It’s also much lower than the post-financial crash figure of 14.6%, which Your Move recorded in February 2010. Tenant arrears are improving despite rising rents, which Your Move says have increased by 2.5% across England and Wales over the past 12 months to an average of £829 per property, just under the Bank of England’s current reported  inflation figure of 2.8%. Regional differences But the company says this figure masks regional differences. Rents increased by 2.9% in the North West but dropped by 2% in the North East. The data follows our report yesterday that the number of managed rental properties dropped by 8% during January, which ARLA blamed on the government’s recent tax increases for landlords and said would lead to increased rents. And the shocking difference in rents between London and the rest of the UK continues, Your Moves says.…