Belvoir survey: Just 5% of tenants in arrears

29 May 2020 | General

Less than 5% of tenants are in arrears across the Belvoir property franchise.

There has been a fall in new arrears between mid-April and mid-May.

Before the lockdown the number in arrears was at 2%.

Dorian Gonsalves, chief executive of Belvoir, said: “We have been monitoring rent arrears across all four brands – Belvoir, Northwood, Newton Fallowell and Lovelle, during lockdown and I am very pleased to confirm that our franchisees are seeing much lower figures than anticipated, with 5% of tenancies accruing new arrears due to the impact of coronavirus.

“In addition, we have noted a slight decrease in arrears from the first to second month.

“We believe there are several contributory factors to coronavirus related rent arrears being lower than anticipated – mainly because most of Belvoir’s business is outside of the London area, and average rents across the network are around £800 a month, which is more affordable for people who are furloughed. Average London rents are between £1500-£1600, and this might be more of struggle for people to pay, so Belvoir tenants are at lower risk of this financial pressure.

“In addition, Belvoir offices remained operational throughout lockdown, with teams working incredibly hard from home, and our landlords were able to benefit from having an agent between themselves and their tenant, keeping the lines of communication open and helping them to deal with any problems in a professional, informed, and calm manner.”

This post has originally been featured in Property Wire.