New data from Upad.co.uk has revealed the issues that are already concerning landlords just a few weeks into 2018.
Upad has revealed internal data that highlights huge increases in the numbers of landlords searching for advice and answers to specific issues that they are facing.
Common issues concerning landlords include the issuing of a Section 21 Notice, how to approach a rent increase, without potentially losing tenants and facing a void period, and what to do when tenants leave a property with outstanding bills.
While press coverage of buy-to-let issues often focuses on the potential ban on letting agent fees and the changes to landlords’ tax relief, the release of this data gives insight into the issues landlords experience in the day-to-day running of their buy-to-let business.
Upad’s data revealed:
• An 815% increase in landlords seeking advice on Section 21 Notices.
• 300% more landlords looking for help on implementing a rent increase.
• A 90% increase in landlords with tenants who leave behind unpaid Council Tax or utility bills.
• 77% more landlords concerned about narrowing rental yields.
• A 17% increase in landlords who want to know what to do when tenants give notice to leave
• 14% growth in the number of landlords and tenants seeking to answer queries about failed reference checks.
James Davis, Upad CEO, said: “It is fascinating to see the 'real world' problems that landlords are dealing with and seeking advice for on a daily basis.
While we most often hear, justifiably, about topics such as the potential ban on tenant fees, changes to tenancy deposit schemes, and changes to how landlords can claim tax relief, it can be easy to forget that underpinning the market we have landlords for whom their buy-to-let may represent anything from their retirement nest-egg to their only source of income.
Private landlords play an important role in the rental market, and it is important attention is paid to the challenges they sometimes face. After all, it will often be tenants that are impacted by these challenges, whether that's in the form of having to find a guarantor, or larger deposit, higher rental payments, or as happened to one of my own tenants in the past, having a bailiff turn up because the previous tenant hadn't paid the council tax!”