A survey of 2000 landlords by online letting agency LetBritain has found many feel let down by the current rental system in the UK.
According to the survey, 37% of UK landlords do not think the UK rental market is fit for purpose and is unsuited to a fast and demanding rental market.
The survey also reports that 25% are losing money, sometimes as much as thousands of pounds, because letting agents are failing to secure new tenants, pushing many landlords to turn to unregulated websites to find renters for their properties.
Financial worries were reported by many landlords who are worried about significant increases to their tax bill as Section 24 and increases in Stamp Duty come into effect, as well as paying high fees to letting agents which can be as much as 10% of monthly rental income plus VAT.
Fareed Nabir, founder and CEO of LetBritain, commented on the findings, saying: “Today’s research presents a number of concerning insights into the difficulties faced by Britain’s vital landlord community.
“It is obvious that landlords up and down the country feel let down by the current property letting system and it is concerning to see that high procedural costs are causing landlords to take otherwise unnecessary risks. Clearly, a faster, more affordable and transparent system is required to support the market of 2017 for both landlords and tenants.”
If you’re a landlord affected by rising costs affecting your finances, or if you have property in negative equity, contact Landlord Debt Advisory on 0161 222 4311, or online at landlorddebtadvisory.com.