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.
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.
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.
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:
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.
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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