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.

Join our mailing list:

Leave a comment



Our Next Event

Commercial Finance Roadshow May 2017

Commercial Finance Roadshow May 2017

Exeter - 23/05/2017

Southampton - 24/05/2017

Rainham - 25/05/2017

Milton Keynes - 26/05/2017

Register now

Latest Comments

warren
warren 26 Apr 2017

You're very welcome Mary! Glad you enjoyed them :)

view article
Mary Ward
Mary Ward 26 Apr 2017

Thank you for the wonderful ideas. First impressions can make or break a deal. It's sadly that many homeowners drop the kerb to create an off-street parking space.

view article
Tony Gimple
Tony Gimple 14 Apr 2017

I'm not at all surprised that so many landlords are still confused about what the tax changes really mean and how it will affect them. In particular, the blind rush to incorporation is leaving landlords...

view article
MH
MH 13 Apr 2017

You are right that the bank holidays are going to be spoiled in looking for the properties. But people who want to sell their property and looking for the better relocation, they can get benefits of this...

view article
bnellyb
bnellyb 08 Apr 2017

There will be an exodus of private landlords over the next 5 years as tax changes take effect, private landlords provide an important service to the rental market, why do housing associations and councils...

view article
Fred Cassman
Fred Cassman 07 Apr 2017

"Make it look like you are at home": often people forget this and share on facebook their location!

view article
jared townsend
jared townsend 05 Apr 2017

It'll be interesting to see how & if the Government's asset sale regarding mortgages helps

view article
SecomTech
SecomTech 04 Apr 2017

...and not one mention of the rules on PERMITTED DEVELOPMENT!!! Unless you have studied the plans you will not know...It's probable a high proportion would not need planning permission...BUILDING Control...

view article
Jonathan
Jonathan 03 Apr 2017

That's a very interesting study indeed. There is no doubt that new services and web apps such as Wonego.com in the UK or Roomster in the US will change the way people look for a flatmate, and that tenants...

view article
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'...

view article
ajay
ajay 21 Mar 2017

How is the "robust evidence" looking now?

view article
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...

view article

Related stories

More articles from Landlords