One in three unable to pay rent or mortgage for more than a month if they lost their job
A new YouGov survey of 2,000 working adults for Shelter suggests that 35 per cent of people do not have enough savings to cover their mortgage or rent for more than a month if they were suddenly made unemployed.
Indeed, 18 per cent would be unable to pay their rent or mortgage at all if they could not find a new job immediately.
Families with children are in a particularly worrying situation – 43 per cent say they could not pay for their home for more than a month and nearly a quarter could not meet payments at all.
Campbell Robb, Chief Executive of Shelter said: “These figures paint an alarming picture of a nation where the buffer between having a home and potentially becoming homeless is a single pay cheque. Millions are living on the edge of a crisis, only secure in their homes for a matter of weeks. At the same time, support for people who have lost their homes is being stripped away.”
Article courtesy of Independent
The implications of this for landlords and letting agents could be an increased risk of rental arrears. RentPro alerts you as soon as a tenant goes into arrears so you can make contact and keep a record of correspondence, hopefully resolving the situation sooner rather than later.