Almost 25% of Landlords have lost rental income due to the pandemic

£ 328 million has been lost since the pandemic started.

Nearly a quarter (22%) of surveyed private property owners in England has lost rental income as a result of COVID-19 according to the latest research from the National Residential Landlords Association (NRLA).

While 19% of those surveyed had lost up to half of their usual rental income as a result of COVID-19, and 3% had lost more than half.

Among landlords surveyed who said they have faced a rental loss, the average loss was between £751 and £1,000. Applied across the industry as a whole, the total rental income lost by private owners has been between £328 million and £437 million according to the NRLA.

The research also reveals that 9% of landlords plan to leave the market, and 7% say they will sell some of their rental properties over the next 12 months.

“The landlords are the most affected.”

Ben Beadle, Executive Director of the NRLA, said: “Where COVID-19 has caused problems for tenants, the vast majority of landlords have entered into agreements with them to avoid inconvenience. That said, most landlords are not tycoons of the property, and cannot be expected to remain indefinitely without a portion of the rent owed to them, or just a portion.”

“To date, there has been no direct financial support for the rental market, and individual owners are not able to access small business grants or recoup loans. The license plan is nearing completion, benefits do not cover average rents in a determined area and the mortgage deferral plan only accumulates the amount that the owners have to pay for the rest of the term of their mortgage.”

“The government must step in and ensure that tenants and landlords in England have the same level of support that is provided in Scotland and Wales to pay rent arrears and maintain leases.”

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