Following the publication of figures by GoCompare, our Manchester property accountants are warning landlords in the city to be wary of substantial hikes in their tenants’ utility bills.
At the end of April, six fixed-term tariffs across the market are scheduled to expire, and the average energy bill will increase by an estimated £91.05 as a result – a 9.43% rise for customers who revert to their supplier’s standard tariff.
But in the Norweb distribution area, including Manchester, Wigan and Blackpool, some customers could see a 24% increase in their bill, equivalent to £317.76 a year.
That’s more than £25 extra per month for them to find – enough to put tenants already at the limits of affordability into a bad debt situation, with the potential to accumulate rental arrears.
Our Manchester property accountants are simply urging vigilance from landlords across the city, perhaps with a proactive response too.
It might be better to gently nudge your tenants towards switching tariff at the end of the month, rather than waiting to find out later if they have affordability problems.