April 27, 2011
This week we turn to rent arrears and mortgage lending.
‘Legal 4 Landlords’ report that Paragon has seen rent arrears rise to £296m. They quote a 12.6% increase in late rent or arrears – but with variable definitions of ‘late’, we don’t learn very much from this information. Have you seen a 12.6% rise in late rent this year? Or does your number vary drastically to the one above? Thoughts are very welcome in the comments box below.
Also this week, headlines trumpeted a 21% rise in monthly mortgage lending in March, courtesy of the Council of Mortgage Lenders’ (CML) latest data. The market could well do with some positive news, but given the extremely low levels seen in February, it may be too early to celebrate. Especially when looking at the broader picture; gross lending in March reached £11.3bn, but this was still 2% lower than seen in March 2010 and gross lending for Q1 this year was 11% lower than the previous quarter.