Over 50% of Landlords claim to have lost out financially due to COVID-19
The National Residential Landlords association has researched private landlords who own properties in England. This study discovered that more than half of landlords lost income due to the corona virus pandemic.
56% of landlords surveyed reported a loss of rental income of over half of their usual income, 12% of these reported having lost more than 20% of their usual income.
Amongst those landlords who reported a reduced rental income 22% have lost more than £5000 and 59% have lost more than £1000. 36% reported that these losses are continuing to rise.
Of those who had lost non rental income, 41% have lost more than £1000, with 20% having lost more than £5000.
Their research also showed that a third of landlord’s plan to reduce their portfolios within the coming years. Many plan to sell some of their properties or leave the market all together.
Chief executive of the NRLA, Ben Beadle, argues that many landlords have done everything they can to help tenants throughout the pandemic. But they are now at the end of what they can do. Banning repossessions simply puts tenants into more debt that they may be unlikely to get out of.
Beadle also pushes for the government to introduce a help scheme such as a financial package which will help renters pay off any rent arrears they may have built up during the pandemic.