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Government statistics tell us that 95% of UK landlords own between one and four properties, most of them managing their portfolios part-time. Many of these landlords fear they will be forced out of business within twelve month.
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Despite this, the media continues to paint a negative picture of landlords, regularly publishing stories of how poor tenants are mistreated by their landlords.
Big Changes in the PRS
There have been a number of big changes in the last few months. The government has removed landlord tax relief, there are new regulations to comply with, and landlords are now expected to check tenants’ immigration status. As a result, it’s not surprising that so many landlords are disheartened.
Landlord Survey
A survey by Access Legal has found that 90% of landlords polled were not happy about the new requirement to check a tenant’s immigration status. Landlords were also concerned about cuts to tax relief and tenants refusing to pay rent, despite legal action taken against them. Property damage is another big issue: broken appliances account for 41% of all damage claims, closely followed by damaged décor and ruined carpets.
So why do landlords become landlords?
63% of landlords see their property portfolio as a long-term investment, 47% of landlords need the extra income, and 35% landlords are topping up their pension pots. Only 7% of landlords are in the property game full-time.
