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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Spencer Fortag
Spencer Fortag 30 Nov 2016

I am glad that someone listened to me!

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Tony Gimple
Tony Gimple 27 Nov 2016

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Sally Walmsley
Sally Walmsley 18 Nov 2016

The RLA stands by its sell-off statistics. While we welcome the feedback from Mr Jagota and are delighted to hear how well things are going for landlords in the north east, we would like to make it clear...

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Sheryl87
Sheryl87 18 Nov 2016

The high employment levels and the vibrant economy has led to ever-increasing demand for rental properties, especially from professionals relocations from other cities. This has led to more experts teaming...

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Sheryl87
Sheryl87 18 Nov 2016

Renting out your house can be risky business. It's good to think about residential landlords insurance. Standard cover includes buildings cover and cover for loss of rent following damage to a property...

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AmberMorris
AmberMorris 09 Nov 2016

Fear of ghosts, really?? Ok, I get the fear of bats in the attic and mice and rats running under your nose - those are easy to deal with pest issues which are really unpleasant and can turn you off. But...

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AmberMorris
AmberMorris 08 Nov 2016

In my experience, It has always been a matter of discussion between the landlord and the tenant. There are cases when it's clear who's responsible for the pest control costs. I see a lot of people in forums...

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warren
warren 08 Nov 2016

There you go buddy :)

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Agent_PeeBee
Agent_PeeBee 07 Nov 2016

Any reason why my comment to this 'article' has not been published?

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Sean Lees
Sean Lees 04 Nov 2016

I don't think anyone can say dogs or cats are better or worse; depends on the animal, its age, how long it's left inside, etc. How bad the mess is depends somewhat on whether you are renting furniture...

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daniel black
daniel black 25 Oct 2016

I've been keeping a close eye on what the effect of Brexit has been on the rental market and it's a very mixed bag. Whilst the majority of the news focuses on London's market. I think this time next year...

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Northerner
Northerner 20 Oct 2016

Any views from outside the M25? No wonder politicians can't get the housing big picture when everyone seems to think that London is the yard stick, when it absolutely is not.

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