'Small percentage of landlords' face repossession
News Category: Industry News
Published: 25-Feb-2009
This article was brought to you by Rentman the premium property management system.
Repossession is a consequence which still only affects a small number of landlords in the current economic climate, the UK's regulatory body for letting agents has confirmed.
Ian Potter, operations manager at the Association of Residential Letting Agents, said landlord properties taken into possession is an issue, but believes the problem is not as bad as when the UK experienced problems in the 1990s.
Figures from the Ministry of Justice showed that landlord possession claims made in county courts were three per cent lower year-on-year in the fourth quarter of 2008, based on a seasonally-adjusted basis.
In addition, a recent study into the residential lettings sector by Business Research Development Consultants found that buy-to-let mortgage investors with large portfolios were posting higher profits in the current financial climate, thanks to low house prices and high tenant demand.
Mr Potter commented: "It's [buy-to-let repossession] an issue that is very easy to blow out of all proportion because it is such an emotive subject for those set to buy it."
Find out more about letting agent software.
