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Special Report
Wednesday 7th of October 2020

Majority of landlords have suffered financially during the pandemic

The majority of landlords (65 per cent) have suffered financially during the pandemic and four out of ten fear their investments will be impacted by a recession (46 per cent) and increased unemployment (41 per cent) over the next two years.

The research, conducted for The Mortgage Lender by OnePoll among a panel of landlords, found that of those investors who have already suffered financially 28 per cent reported rent arrears and 18 per cent had tenants who left their rented home.

Looking forward, three in ten landlords (31 per cent) fear an increase in taxation will impact on their portfolios over the next two years while two in ten (21 per cent) believe population movement from cities to areas that have outside space and space to work from home could adversely affect their inner city properties.

Landlords also predict a fall in student numbers from home (14 per cent) and abroad (15 per cent) affecting buy to let properties in student areas that have historically offered superior returns in comparison to more expensive properties in the South.

The Mortgage Lender sales director Steve Griffiths said: “Landlords are facing an uncertain future with many moving parts.

“And there is some evidence that the pandemic could change the structure of the buy to let market in a more fundamental way than any of us could have anticipated at the beginning of this year.

“With the City of London currently deserted and many larger employers considering work from home policies as a more permanent solution there could well be a longer-term change in the types of properties tenants will find attractive.

“Despite the uncertainty landlords understand that property investment is a long term strategy – indeed half of the ones we surveyed said the pandemic hadn’t changed their investment plans at all and that is borne out by the number of applications we have seen for our buy to let products over the last four months.

“Through our funding line with Shawbrook Bank we’ve been able to maintain our buy to let product range throughout the pandemic and provide the funding options brokers and landlords are looking for.”

What financial impact has COVID-19 had on landlords?

  1. 35 per cent of landlords said it had no impact on their investments
  2. 28 per cent suffered rent arrears
  3. 19 per cent were delayed buying a property
  4. 18 per cent had tenants who left
  5. 17 per cent suffered an extended void period
  6. 14 per cent experienced a mortgage or valuation delay
  7. 13 per cent were delayed selling a property
  8. 12 per cent delayed a renovation
  9. 9 per cent delayed raising capital
  10. 10 per cent experienced other, unspecified financial impacts

What factors do landlords think will impact on their property portfolios over the next two years?

  1. 46 per cent think there will be a recession
  2. 41 per cent think unemployment will increase
  3. 31 per cent expect an increase in taxation
  4. 21 per cent think people could leave cities as more are able to work from home
  5. 18 per cent think interest rates will go up
  6. 15 per cent think there will be a reduction in international student numbers
  7. 14 per cent think there will be a reduction in overall student numbers
  8. 11 per cent predict the availability of mortgage funding will be a problem
Written by Sarah Learoydof The Mortgage Lender

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