UK tenants have rebuilt their financial position over the last twelve months, according to newly released data which shows that the total number of tenants facing serious rental arrears has fallen by 9% in just one year.
Tenants that are two or more months behind on their rent now number 65,200. The previous year, the number was 71,700, marking an annual improvement of 6,500 households no longer facing the potential threat of eviction.
As a proportion of all tenants, the figures have also improved. In Q3 2013, 1.6% of all tenants were classed as being in severe arrears. This has fallen to 1.4% in Q3 2014.
Following suit, overall tenant arrears of any duration have also dropped. According to LSL’s latest Buy-to-Let Index, just 7.2% of all tenants have fallen into arrears as of September 2014, down from 8.5% in September 2013.
Momentary cases of rental arrears have been steadily in decline for some time now, but it is only recently that severe rental arrears has begun to fall at a similar rate, thanks to reduced unemployment rates.