Landlords still losing rental income from pandemic
One in five landlords are planning to sell property because of the pandemic’s financial impact, according to a survey.
More than half (51 per cent) of landlords are still losing rental income as a result of the pandemic, research from landlord insurance provider Simply Business has shown.
Some 47 per cent of landlords said they had lost between £2,001 and £10,000 in income each so far.
The Covid 19 outbreak has resulted in many people moving out of cities as remote working becomes more permanent.
A quarter (25 per cent) of landlords said they had to use their savings as a similar proportion of tenants (27 per cent) were left unable to pay their rent.
However, 59% per cent of landlords said they thought property was still a worthwhile investment, while almost a third were optimistic about their future.
Alan Thomas, UK CEO at Simply Business, said: “The impact of the pandemic has been felt across all corners of the country – and that’s no different for the 2.6m landlords who let out residential properties in the UK.”
“The extent of that impact is made clear in our latest research, with many landlords losing out on thousands of pounds in rental income. Thankfully, for the most part landlords remain resilient,” Thomas added.