Property damage costs landlords £4.5bn a year

Property damage costs landlords £4.5bn a year

New figures have revealed that landlords are forking out a massive £4.5bn every year for property damage caused by tenants, while rent arrears account for just around £900 million in costs.

Thousands of landlords are facing property damage at the end of their tenancy, with the largest problem being broken appliances. Damage to carpets and decorating is common, while cigarette burns remain an issue – despite many rental properties not allowing smoking.

According to the latest TDS stats, damage to property accounts for 56% of deposit disputes.  The TDS figures also show that 19.2% of all disputes raised resulted in 100% pay-outs to tenants; 19.8% of all disputes raised by landlords or agents resulted in 100% pay-outs to them; while in the remaining 61% of cases, the disputed money was split between the parties.


Jax Kneppers, Founder and CEO of Imfuna Let comments: “Many landlords feel tenants are not held to account when damage is caused and that there is little they can do to protect their property.  Furthermore, landlords have a poor record in winning tenant dispute cases.  

However, this could be changed dramatically if they ensure a few simple procedures are put in place at the start of a new tenancy agreement.  For example, ensuring there is a fair contract in place for a new tenant along with a thorough and detailed inventory, will enable both parties to be treated fairly and reasonably. Time and time again, landlords are losing disputes because they’re not providing the right evidence to show that a tenant has damaged the property.

The best way for landlords and agents to protect their property and avoid a dispute, is by ensuring that the condition of the property is fully recorded at the start of the tenancy, with a comprehensive inventory, along with a thorough check-in and check-out report.

We have designed Imfuna Let to ensure landlords and agents have a bullet proof inventory that records the property check-in condition status. The software provides a side-by-side comparison report which clearly demonstrates any change in condition of the property, illustrated with date and time stamped photographs.

We work with many landlords and agents who have managed to reduce property damage by carrying out mid-term inspections, supported by a thorough and professional inventory."

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Latest Comments

Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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RyanGeo
RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

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sean benton
sean benton 01 Sep 2017

Identity theft is a thread for any profession. So,people should stay alarmed. I once take help from a letting agent and came to know that letting agents are taking every precaution to prevent fraudulent...

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Mark N.
Mark N. 30 Aug 2017

We have seen a surge in instructions over August and that should continue into September too.

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Chris
Chris 30 Aug 2017

Unfortunately, all the legislation bears its force on Landlords and ignores, naively, the effect of Rogue Tenants on the ability of landlords to keep houses in repair and offer properties for rent at reasonable...

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Christian Donovan
Christian Donovan 18 Aug 2017

The write-down on house values, combined with the fall in the GBP saddled the fund?s property portfolio with a 1.4% loss in the second quarter. The shocking amount of $240 million.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

Interesting point of view.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

It depends on the people, some older adults decide to make a long-distance move in order to live closer to their children or settle in a place with a lower cost of living.

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brandonlee10
brandonlee10 24 Jul 2017

The financial ramifications of the triggering of Article 50, the starting gun for Britain's departure from the EU, are far from clear. Buyers will be most cautious in London, given that buying a home in...

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IrisJ.
IrisJ. 19 Jul 2017

Great advice, but may I also add that when buying an already built home, make sure you do all of the proper inspections. Most importantly pest inspection because people tend to get surprised when they

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IrisJ.
IrisJ. 17 Jul 2017

The third point is, in my opinion, the most important one. People have become too inconsiderate and careless when it comes to rented properties. If a landlord wants to protect their property, regular visits...

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cornishalan
cornishalan 10 Jul 2017

Added to the cost of purchasing these village properties are the above average maintenance costs. Particularly where the property is a listed building or requires specialist building skills such as thatching...

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