National Divorce Week Has Annual Impact On Lettings, claims a Nottingham lettings agent.
With 118,140 divorces being registered in England and Wales during 2012 (the last year for which figures are available), and this week being dubbed as ‘National Divorce Week’ among legal professionals, one Nottingham lettings agent is seeing a real impact on the lettings market as a direct result.
According to The office for National Statistics, 42 per cent of marriages in England and Wales end in divorce, so it stands to reason that this will have a knock on effect on the rentals market- something that Simon Perkins, partner at PWR Lettings sees each year in January.
The agent with offices in both Nottingham and Mansfield, has seen a 10 per-cent increase in the amount of properties entering the buy to let market, and puts this down to the fact that many more homeowners are going through separation after the festive period.
“Already this year, we have seen the festive period have an impact on the demand for one and two bed properties, and have had an influx of both families and individuals registering for these. At this time of the year, we also...
see an increase in the number of ‘accidental landlords’ entering the market due to a series of circumstances, and in many cases, they are unaware of what is expected of them as a landlord. This can result in void periods, fines, or in the worst case scenario, a lengthy prison sentence.”
“Going through a break up can be a very stressful time, especially if children are involved, and the last thing anyone needs is a property to maintain, legislation to adhere to, and payments to chase. We offer both a fully managed service and tenant find services for any first time landlords coming to the market as a result of a break up, and we can provide them with professional advice.”
For more information, please visit www.pwrlettings.co.uk©LandlordZONE® – legal content applies primarily to England and is not a definitive statement of the law; always seek professional advice. Legislation changes, so check dates on these articles. If you have questions go to the LandlordZONE® Forums