Delayed rent payments and badly behaved tenants cause the most stress for buy to let landlords in the UK, new research has revealed.
The top concern for 20 per cent of landlords was ‘tenants from hell’, with property damage cited by 18 per cent, deposit disputes (13 per cent) and dealing with evictions (seven per cent).
Property Wire reports that research by PropertyLetByUs found that despite the recent HMRC crackdown on landlords’ undeclared income, only one per cent, are stressed by tax issues. The online letting agent also revealed the sharp rise in the number of tenants looking for rented property in 2014 is making life easier for landlords seeking new tenants. However, void periods are still bothering some landlords, with four per cent citing this as a major cause of stress.
“On the whole, 2014 was a good year for landlords, with increased tenant demand, rising rental income and asset value growth but late payment of rent is still a big issue for landlords,” said Jane Morris, managing director of PropertyLetByUs.
Latest research from the National Landlords Association (NLA) showed that 32 per cent experiencing rent arrears in 2014. Landlords could see a spike in the problem in January as households struggle to keep up with payments after the expense of Christmas.
“But all the signs are showing that 2015 could be another bumper year for landlords, with the rental market set to continue its growth, from the current nine million tenants renting in the UK,” added Jane.
“The good news is that the stress of void periods and finding new tenants will further diminish, as demand starts to outstrip supply.”