Britons struggle with rent payments

A leading charity has warned about the worsening economic situation in Britain as a growing number of tenants are failing to pay rent due to a combination of high rents, wage freezes and the rising cost of living.

According to the latest figures from the LSL Property Services’ Buy-to-Let Index, as much as £326 million in rent payments were either late or went unpaid in December.

The figures are up from £241 million of late or unpaid rents a month earlier and amount to over 10 percent of all rent across England and Wales.

“The amount owed hit levels not seen since last Christmas. In the absence of real salary increases in 2012, the additional burden of higher rents was met by tenants cutting back on other essentials,” LSL executive director David Newnes said.

Meanwhile, housing charity Shelter’s chief executive Campbell Robb said he was not surprised at the findings due to the state of the weak economy.

“This time of year is particularly difficult for many families as bills coming in from Christmas take their toll on finances already stretched to breaking point,” he said.