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Finding Good Tenants Is Problem for Landlords

by guildy | 4 Feb 2019 | Granting a Tenancy, News, Statistics | 0 comments

Finding Good Tenants Is Problem for Landlords

Sourcing good tenants who look after their homes is the biggest challenge for buy to let landlords.

Data from property portal Zoopla shows finding reliable tenants worried 56% of landlords – a shade ahead of the 55% who struggle to find tenants who care for their rented homes.

Although these were their main property business challenges, landlords also have other concerns:

  • Making sure rents are paid on time (47%)
  • Keeping businesses in line with increasing regulation (39%)
  • Worries about how future law changes may impact their finances (36%)
  • Managing businesses to keep making rental profits (32%)
  • How tax relief cuts affect offsetting mortgage interest (24%)
  • How rental values are performing (20%)
  • What impact the tenant fee ban from June 1 will have (20%)
  • Stricter buy to let mortgage rules (17%)
  • What will happen to property prices (17%)

The State of the Property Nation 2018 report also revealed only a few landlords would admit they understood recent law changes and how they would impact the buy to let market.

  • 37% had no idea mortgage interest tax relief was changing
  • 31% did not know houses in England shared by five or more tenants required a licence
  • 31% were unaware letting energy inefficient homes could result in a fine

Other legal issues that landlords needed to know more about include minimum room size regulations (25%), the upcoming cap on deposits, the ban on tenant fees and giving a ‘how to rent ‘ guide to tenants (all 23%), tighter mortgage financing rules (22%), the ban on charging fees for card payments (15%) and the national rogue landlord database (13%).

“Most of the landlords who find the legislation changes a challenge are not planning to do anything in response However, some are planning to leave the market, while others plan to move to a letting agent to help them manage their properties,” said the report.

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