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Recent Survey Discovers UK Landlords And Tenants are happy!

Recent Survey Discovers UK Landlords And Tenants are happy!

Four Out Of Five Tenants Happy
With Their Landlords

The majority of tenants living in private rental sector (PRS) rented properties have nothing but good things to say about their landlords, according to a survey conducted by Saga Home Insurance.

In a poll of UK tenants conducted by the insurance company, 77% of tenants who responded rated their landlord as either ‘good’ or ‘excellent’.

Fewer than 8% of tenants, (1 in 10) described the quality of service they received from their landlords as ‘poor’, which the insurance firm claimed to be contrary to popular stereotypes.

The survey surmised that UK landlords are largely a morally sound, ethical group of business people!

However, 56% of the tenants polled by Saga still identified room for improvement in their tenant-landlord relationships. With:

  • 23% of tenants complaining about hard-to-reach landlords
  • 21% of tenants had reservations about the quality of tradesmen used for repairs.

The insurance firm also spoke to landlords themselves about their relationships with tenants, and the biggest obstacles to a cordial co-existence with their tenants were:

  • Late rent payments cited by 37% of landlords,
  • Damage to rental property – 32%
  • Failure to provide notice when vacating rental property – 20%.

Finally, the insurance company also discovered that at least 10% of landlords, an alarming one in ten,  had not paid tenants’ deposits into one of the three the Deposit Protection Schemes currently in operation, which as well as being illegal, can result in problems when tenant eviction becomes necessary.

Saga’s head of home insurance, Sue Green, commented on the survey results, saying “In the age of housing shortages and escalating rents, landlords have been getting some bad headlines, but the research shows the extent to which this portrayal is unfair. The vast majority of landlords are conscientious and ethical, although tenants do believe more can be done which is why we have released a guide with practical tips to help them improve their ethical credentials.”

UK Buy-To-Let landlords experience a stable 3rd quarter of 2012

  • 91% of UK Buy-To-Let landlords think that tenant demand in the UK is either stable or increasing.

    Rental Yields Up, Tenant Demand Up - UK landlords Are Happy!

    Rental Yields Up, Tenant Demand Up – UK landlords Are Happy!

The findings come from the latest Paragon Mortgages PRS Trend survey and a huge number of landlords surveyed reckon that tenant demand was either stable or growing.

  • Only 6% of landlords who took part in the survey said that, in their opinion, tenant demand was declining.

Landlords also reported an average property portfolio size of 12.5 properties in the third quarter. In terms of expectations, landlords anticipate this will increase to 12.9 properties in 12 months’ time.

  • Stable and healthy yields were achieved in the third quarter, with a reported average of 6.2%.
  • Professional landlords achieved a higher average yield than smaller-scale landlords, 6.6% compared to 5.2%.
  • Landlords are expecting to retain a stable yield for the foreseeable future, forecasting an average of 6.2% in 12 months’ time.

68% of landlords who agreed to take part in the survey said that their rental income had remained the same during the third quarter, whilst 27% said that rents had increased, just 5% of landlords had experienced a decrease in rent.

The average void period slightly increased to 2.8 weeks compared to 2.7 weeks in the 2nd quarter of the year, however void periods continue to remain low and have not exceeded three weeks since mid-2010.

Landlords are set to continue expanding their property investments in the final quarter of the year, with 16% planning to expand their rental property portfolios.

  • 58% are expecting to buy flats/maisonettes or terraced houses
  • 30% semi-detached houses
  • 21% are looking to buy detached properties.

John Heron, Managing Director of Paragon Mortgages, said: “It has been a stable quarter for landlords. Yields have remained healthy and at a consistent level for the past 12 months. It is not surprising that landlords are continuing to see high levels of tenant demand and I suspect this will continue into Q4 and the coming year. The PRS is under increasing strain with the growing shortage of homes in the UK, housing policy needs to focus more on motivating private landlords to grow their portfolios to better meet demand.”

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