(1888PressRelease)
September 08, 2007 - New research shows that renting a property can end in disaster as many potential tenants are happy to lie over key issues.
A study by Experian shows that 23 per cent of tenants have no issue with exaggerating their income in order to land a rental property.
A further four per cent are happy to lie to a landlord about the job they do and this can lead to big problems for the landlord in the future.
"Many landlords insist that tenants are professionals on the basis that they will be paid well enough to afford the rent - but this leads to some prospective tenants lying about their employment status and their salary," said Peter Brooker from Experian.
"The result is that many UK landlords have endured bad tenants who refuse to pay months of rent - often aided by government programs that protect them - and then disappear leaving the landlord with hundreds or even thousands of pounds in unpaid and unrecoverable debt.
"At the moment, there is relatively little that the landlord can do," he added.
Landlords are also saddled with responsibility and recent research by the National Landlords' Association showed that most new landlords underestimate how difficult it is.
Julian King, director of fast property sale firm National Homebuyers says amateur landlords frequently find themselves with little option than to sell and walk away.
"We purchase properties from BTL landlords who think that being a landlord is an easy route to the pot of gold.
"Increasing interest rates are making the job of making money through property very difficult for most. Add to that the nature of the tenant and this could mean that the only way to save their headaches and their wallets is to sell their property quickly."
National Homebuyers are the UK's leading 'sell home fast' company, guaranteeing a quick sale on every property surveyed, regardless of the vendor's reasons for selling.
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