How has Covid-19 affected landlords and tenants? Download our report
1-minute read
As the UK looks to recover from Covid-19, a new report from Simply Business reveals the impact of the pandemic on landlords and tenants.
We spoke to over 500 landlords from across the UK to get an in-depth understanding of the impact of Covid-19 on the nation’s rental market.
Our report reveals the financial cost of the pandemic on landlords, as well as their reaction to government support, and how Covid-19 has affected the landlord-tenant relationship.
It also focuses on the eviction ban, whether repayment plans work for tenants in arrears, and how landlords are feeling about the future.
Landlords wanted more government support during the pandemic
In 2020, landlords were able to request a buy-to-let mortgage payment holiday for three months to reduce the financial impact of the pandemic.
Despite this, 43 per cent of landlords we spoke to felt they should have been compensated by the government for losses in rental income.
How did landlords feel about the eviction ban?
The government also introduced an eviction ban to give tenants more security and certainty.
Here’s a snapshot of how it was received by landlords:
- 21 per cent said it shouldn’t have been introduced at all
- 19 per cent said that while they understood the need for an eviction ban, it should have been shorter
- 18 per cent said that the eviction ban stopped them from evicting problem tenants during the pandemic
Limited buying appetite, despite stamp duty holiday
The stamp duty holiday, which ends in September 2021, has also allowed landlords to buy properties with a reduced stamp duty bill.
Despite the savings available, only eight per cent of landlords we spoke to bought a new property during the pandemic, while seven per cent said they plan to expand their portfolio in the coming months.
At the same time, over a fifth (21 per cent) of landlords told us they’re planning to sell a property to recoup pandemic-related costs.
Landlords’ outlook remains fairly positive, with 59 per cent saying letting a property is still a worthwhile investment and 31 per cent feeling positive about the future.
Our research also reveals landlords’ biggest concerns post-pandemic.
For more important landlord news and guides on key topics, keep an eye on our Knowledge centre.
We’d like to continue hearing from landlords about the impact of Covid-19. Leave a comment below to tell us about your experience.
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Written by
Conor Shilling
Conor Shilling is a Copywriter at Simply Business with over two years’ experience in the insurance industry. A trained journalist, Conor has worked as a professional writer for 10 years. His previous experience includes writing for several leading online property trade publications. Conor specialises in the buy-to-let market, landlords, and small business finance.
We create this content for general information purposes and it should not be taken as advice. Always take professional advice. Read our full disclaimer
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