With the stresses and strains of being a buy-to-let landlord deepening, new research shows that the top gripe guaranteed to get the blood boiling is late rent payments.
The study*, conducted by PropertyLetByUs.com – a leading online letting agent, shows that landlords cite late rent payments (25%) as causing the most stress, followed by ‘tenants from hell’ (20%), property damage (18%), deposit disputes (13%) and dealing with evictions (7%). (*Source: PropertyLetByUs research amongst 500 landlords, January 2015).
The research also reveals that despite the recent HMRC crackdown on landlords’ undeclared income, only a tiny percentage are stressed by tax issues (1%).
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 – only 1% say this is stressful.
However, void periods are still winding up some landlords, with 4% citing this as a major cause of stress.
Jane Morris, Managing Director of PropertyLetByUs comments: “On the whole, 2014 was a good year for landlords, with increased tenant demand, rising rental income and asset value growth.
“Late payment of rent is still a big issue for landlords, with a third (32%), approximately 500,000, experiencing rent arrears in 2014, according to research from the National Landlords Association (NLA). Landlords could see a spike in the problem this month as Shelter estimates that more than 3 million households in Britain fear missing their rent or mortgage payments in January.
“According to Shelter, almost 60% of people say they are struggling to meet their housing costs. One in nine fear they will be unable to meet January’s payments, as families struggle to balance their budgets after Christmas.
“In spite of all this doom and gloom, 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 9 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.”
For more information, please visit www.propertyletbyus.com