We asked our supplier partner PayProp to provide an insight-led article for our members. Check out their KnowledgeShare below.
It has been over a year since COVID-19 hit the UK. Throughout the pandemic, we have been studying tenant arrears to give a picture of how tenants, landlords and agents are coping with the pandemic and publishing our findings in a series of Special Reports.
We’ve looked at the past five quarters of arrears data from across the UK to identify patterns and consider the future of the market. Using a revised methodology, we’ve combined our arrears data with information from a variety of other sources to paint a clearer, richer picture of what has happened over the past year – both across the UK and in the various regions and countries.
The good news is there are fewer tenants in arrears than at the height of the pandemic, but the amount owed by those in arrears is significant – and increasing. What impact will this have on landlords and agents? Will a swift economic recovery allow tenants to pay off their debts? Or will the end of furlough see a bigger spike in arrears?
In our report you will get the complete picture of:
- The percentage of tenants in arrears at the end of Q1 2021 and the amount they owe
- The number of tenants in England at risk of eviction, despite the ‘ban’
- Data on buy-to-let repossessions and the impact on housing supply
- How much commission has been lost and how agencies can recover it
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Since launching in 2004, PayProp has grown quickly to become a leading global processor of rental payments for the lettings industry, serving a large customer base of property professionals in the UK, US, Canada and South Africa.
PayProp’s automated rental payment platform sets the standard for speed and accuracy of payments as well as cost and payment status transparency, offering its clients complete transactional control and unlimited lifetime support and training from their award-winning team.
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