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04/12/2008
It is important landlords 'reduce risk' |
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Landlords should look to shield themselves from overdue risk over the next year, it has been claimed.
Designs on Property's managing director Kate Faulkner said that the job market is likely to contract over the next 12 months, which could see a number of tenants made redundant.
She says that it is vital that landlords cover themselves for such an eventuality.
"You should always reduce risk and there are serious problems coming up next year, Ms Faulkner told the Landlord and Buy-to-Let Show in Birmingham.
Tenants might be made unemployed and want to pay the rent but may not be able to afford it.
She urges landlords to ensure that that they have "got the right insurance" in place to cover themselves, otherwise they could lose "thousands of pounds".
In the three months leading up to October, 56 per cent more surveyors reported a rise in new landlord instructions than a fall - up from 45 per cent in July - the Royal Institution of Chartered Surveyors reported in its Residential Lettings Survey.
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