Taylor Scott International News
Late rent payments cause the most stress for buy to let landlords in the UK followed by badly behaved tenants, new research has found. A quarter of landlords emerged as the top cause of concern with ‘tenants from hell’ cited by 20%, property damage at 18%, deposit disputes 13% and dealing with evictions 7%. The research by online letting agent PropertyLetByUs also found that despite the recent HMRC crackdown on landlords’ undeclared income, only a tiny percentage, 1%, are stressed by tax issues. It also appears that the sharp rise in the number of tenants looking for rented property in 2014 is making life a lot easier for landlords who are looking for new tenants as only 1% say this is stressful. However, void periods are still bothering some landlords, with 4% citing this as a major cause of stress. ‘On the whole, 2014 was a good year for landlords, with increased tenant demand, rising rental income and asset value growth but late payment of rent is still a big issue for landlords,’ said Jane Morris, managing director of PropertyLetByUs. Indeed, the latest research from the National Landlords Association (NLA) showed that 32% experiencing rent arrears in 2014. Landlords could see a spike in the problem this month as households struggle to keep up with payments after the expense of Christmas. ‘But all the signs are showing that 2015 could be another bumper year for landlords, with the rental market set to continue its growth, from the current nine million tenants renting in the UK. The good news is that the stress of void periods and finding new tenants will further diminish, as demand starts to outstrip supply,’ added Morris. Continue reading →
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