Landlords urged to act defensively

by Christopher Evans says that today's interest rate cut does not change the need for landlords to cover their own backs.

The site says that some landlords may have gained a sense of greater relief from the Bank of England's decision to cut interest rates again, particularly those on a tracker deal who are facing up to the prospect of rental prices falling.

However, it warns that the majority of landlords are not on such a deal and will not benefit at all and those who need to remortgage this year are still going to be "in for a shock in the current mortgage market".

Rents could continue to fall for some time as the supply of rental properties grows, which may mean that the need for cost-effective advice is also increasing.

"Landlords need to be looking at ways to cut costs, manage their portfolios and their tenants carefully and insure themselves against the rising issue of rental arrears," the site advises.

The Residential Landlords Association has claimed that one of the keys to surviving a "tough" 2009 is for landlords to have a good understanding of their local market.

Published on: February 5, 2009

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