Over half of UK landlords have lost money due to Covid-19, according to a report from Simply Business.
Our research shows that over one in ten landlords lost £10,000 or more, with over a third turning to personal savings to make up for lost rental income.
We spoke to over 500 landlords from across the UK to get an in-depth understanding of the cost of the pandemic, whether government support went far enough, and the impact on the landlord-tenant relationship.
This article gives a round-up of our data, but to find out the full impact of Covid-19 on the UK’s landlords and tenants, download our in-depth report.
Download your free in-depth report. Find out more about how the pandemic has affected landlords and tenants.
Our survey found that over half (51 per cent) of landlords lost money as a result of Covid-19, due to reasons such as rent arrears and not being able to find suitable tenants.
The highest proportion of landlords (47 per cent) lost between £2,001 and £10,000, while 14 per cent lost more than £10,000.
To make up for the loss of rental income, landlords took the following steps:
Almost half (47 per cent) of the landlords we spoke to think it will take more than six months to recoup their losses, with some suggesting it could take as long as five years.
Despite the challenges of the last 18 months, the majority of landlords (59 per cent) still think letting a property is worthwhile, with 31 per cent telling us they feel positive about the future.
Further regulation of the rental market is the biggest worry for 35 per cent of landlords, while 17 per cent are concerned that they may find it harder to find good tenants in the future.
Although the pandemic has caused widespread economic uncertainty, average house prices have remained steady thanks in large part to the stamp duty holiday, which finishes at the end of September.
Here’s what the landlords we spoke to thought about the long-term impact of the pandemic on property prices:
Don’t forget to download our full report for further insight on how Covid-19 has affected the landlord-tenant relationship and whether landlords felt supported by the government during the pandemic.
How has the pandemic affected you financially? Let us know in the comments below.
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