Currently viewing the tag: "void periods"

Private Rental Sector Void Periods and Rent Arrears 

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Rent Guarantee Insurance Helps Landlords Avoid Rent Arrears

Rent Guarantee Insurance Helps Landlords Avoid Rent Arrears

UK private rented sector landlords are reaping the rewards of the development of specialist products and services designed to ease the burden for landlords and the UK lettings industry.

According to data from the National Landlords Association (NLA), private rented sector void periods have fallen to their lowest level in over 12 months, with only 33% of landlords experiencing vacant periods in the last three months. The figures are down 13% when taken year on year.

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New landlords are using rental income to provide for their retirement

New landlords are using rental income to provide for their retirement

A high proportion of struggling residential property owners are copying the practices of successful portfolio landlords and choosing to offer their properties for rental purposes in the UK private rental sector (PRS) in order to provide adequate finances for their retirement.

Of the struggling property owners choosing to offer property to rent for the first time and existing portfolio landlords who responded to the BM Solutions/ BDRC Continental survey:

  • 84% view their rental property as a supplementary income to their pension
  • 60%of landlords actively plan to live off the rental income either before or at retirement.
  • 40% agree that their property is their pension and intend to make a decision dependent on the state of the property market once they reach retirement age.
  • Very few landlords plan to sell all properties in their portfolio when they reach retirement

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Landlords Suffering Financially Due To Unexpected Costs

A recent survey by a national lettings agency has highlighted financial losses incurred by landlords due to failing to plan for unexpected costs.

Landlords Lose Out Due To Unexpected Costs

Landlords Lose Out Due To Unexpected Costs

Landlords pay an average of £1500 (GBP) per year out of their rental income on covering tenant rent arrears, maintenance and repair bills and void periods; a figure that equates to over £2 Billion (GBP) per year nationally, according to the survey by Northwood.

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