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Rent arrears fall as market improves

The National Landlords Association has this week issued a statement regarding rent arrears in the UK rental market. While there is still a significant number of tenants owing rent arrears, with a figure of around 20% quoted by the association for the second quarter of 2010, this is well down on the 24.5% during the first quarter of 2010. So is this a turning point for the UK property market?

When you also take into account that the average rent arrears has fallen from over £1000 to £800 between the first quarter of 2010 and the second quarter, the signs are beginning to improve. However, despite the fact that there are some positive factors beginning to kick in and assist the UK property market there is still growing concern about the second half of 2010.

Whether we will see a differential between the overall property market and the rental market remains to be seen because if more and more buyers are holding off on purchases then perhaps they may well look to rent in the short-term. If this is the situation we could see a softening of UK property prices while rents may begin to increase slightly. However, there are still some concerns about the overall UK economy which is currently showing signs of strength but may well suffer in the coming months because of policies introduced by the government of the day.

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