Tough times ahead warns HomeLet insurance

The February edition of the HomeLet landlord and Tenants property insurance has just arrived in my in box.

There are as usual an interesting selection of articles.

One of these says - Tough times ahead…

Manchester City Council recently warned that around 2,000 jobs are at risk. But, Manchester isn’t the only city under threat from the Government spending cuts, which will no doubt inflate unemployment figures in several regions of the UK, and impact thousands of tenants’ ability to pay the rent.

Also, recently released figures by ARLA confirm what we already know, that rent arrears are increasing. At HomeLet they are helping more landlords than ever before through their range of insurances that protect their rental income.

Last year alone they paid out over £3 million in lost rent and legal costs. They anticipate that this figure will continue to rise in 2011 as more and more tenants find themselves out of work and unable to meet their financial commitments, especially in areas which traditionally have a high level of public sector jobs.

Quick stats…

UK inflation rates have risen to 3.7%
UK unemployment has increased again and now stand at 2.5 million
The rate at which UK economy is growing has slowed
The Centre for Cities annual index suggests that vulnerable cities, which may not feel the full benefits of national economic recovery for sometime are Sunderland, Liverpool, Birkenhead, Swansea and Newport.

Make sure that Landlords are protected

When landlords are covered by HomeLet and the worst happens, their specialist Claims & Legal team will ensure that they are taken care of and that the tenant is treated fairly.

Find out more about HomeLet Insurance Here

Follow this blog for other great bits of info from HomeLet