1 in 5 landlords experience a 4 month tenant delay

1 in 5 landlords experience a 4 month tenant delay

The latest research for the Nottingham Building Society has found that more than one in five landlords have to wait longer than four months before signing up their first tenants.

Its study among landlords across the country shows 21% said they had to wait four months or more after completing their buy-to-let mortgage before they had their first paying tenants.

The Nottingham’s research, conducted by the HMLettings part of its business, found 53% of landlords have paying tenants within a couple of months of buying their first buy-to-let through lenders across the UK but substantial numbers are facing delays which pile the pressure on their finances.

Costs involved in setting up as a landlord on top of mortgage finance are not trivial – the average landlord has to pay out £2,000 on their first property before they find tenants although one in three (35%) manage to spend less than £1,000, the study shows.


Around 62% of those questioned said they had to redecorate or refurbish properties before letting them out with 28% saying redecorating work took two weeks or more.

However, once tenants are in the pressure eases substantially – on average in the past year landlords only had one month where they had no tenants – so-called voids – while 45% of those questioned say they’ve had no void months in the past year.

The Nottingham believes the research highlights the need for expert support and advice throughout the process of applying for a buy-to-let mortgage and letting out the property.

Stephen Reade, Lettings Operations Manager at The Nottingham, said: “Becoming a landlord remains attractive for thousands of people, but it is clear landlords need to think carefully before making the decision and also to plan ahead. Having to wait four months or more before getting tenants in can put a strain on finances and landlords need to ensure they have spare money to invest in their property over and above basic mortgage costs.

Our landlord service offers advice on mortgages as well as lettings management and help with insurance so landlords have all their property needs under one roof. We also ensure landlords have an Investment Manager to look after customers throughout the buying process and, when the time comes, the selling of your property.”

The research found the average landlord spends around £700 a year per property on maintenance – however two out of five (37%) claim to spend less than £500.

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Latest Comments

MBM Homelets
MBM Homelets 23 Mar 2017

Although this is a very positive step, there is little or no guarantee of the standard of workmanship employed by the tenants. We have had experience of a professionally decorated property being ' painted'...

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ajay
ajay 21 Mar 2017

How is the "robust evidence" looking now?

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NathanG
NathanG 20 Mar 2017

I've been watching the series so far and am completely baffled by the cases that were presented. Though, I don't think that we can protect ourselves from every scam possible - it will just make the scammers...

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Landlady14
Landlady14 01 Mar 2017

You would think so Niraj Shah! My experience only proves that there are varying qualitiers of professional in all aspects of property letting. None of the ones I have dealt with, from letting agents to...

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Mark
Mark 01 Mar 2017

Thanks for this article. Hopefully one day everybody's lifestyle will be eco-sustainable.

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Ben Taylor
Ben Taylor 28 Feb 2017

I was convinced that London was the most expensive!

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Alan Read
Alan Read 28 Feb 2017

Australia are leading the way in this I think. The trouble with Britain is we don't get enough sun to make use of solar power.

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James Powell
James Powell 27 Feb 2017

This is a very good news.

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DanHumphreys
DanHumphreys 27 Feb 2017

It sounds like a good idea. Anything to help the younger generation get a foothold.

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Matt
Matt 20 Feb 2017

Is this fake news?

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Matthew Hollywood
Matthew Hollywood 07 Feb 2017

Matthew Hollywood - Director Mishon Mackay Land & New Homes - Brighton The shortage of New Homes is in part effected by the lack of land sales. Land sales are held back because there is a disparity between...

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CommercialTrust
CommercialTrust 30 Jan 2017

Hi Graham, Would be interesting to see the above figure calculated against an investment via a Lt Company /SPV structure and if the investor found themselves pushed in to the higher tax bracket. Mortgage...

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