Landlords are hesitant about buying more property according to a new study by Simply Business.
The study of 560 landlords from across the UK reveals that government regulation remains a disincentive with 35 per cent citing this as a reason for their decision not to buy more property.
There is also uncertainty around the viability of the sector in general, with 23 per cent of landlords saying they are worried about the future of the rental market.
Two fifths of landlords say better Covid-related compensation should have been offered to those who lost rental income, while more than one in three believe that government should have provided financial support for tenants who were unable to pay their rent - the poll was taken before the announcement last weekend of a £65 debt fund for English tenants with Covid-related arrears.
Simply Business chief executive Alan Thomas comments: “The impact of the pandemic has been felt across all corners of the country – and that’s no different for the 2.6m landlords who let out residential properties in the UK. The extent of the pandemic’s impact is made clear in our latest research, with many landlords still hesitant about investing in new property.
“Contributing over £16 billion annually in pre-tax spending, an exodus of smaller landlords from the buy-to-let market could have a devastating impact on the UK economy. But more than this, landlords are crucial to our communities, offering much-needed accommodation to over 4.4m households.
“Thankfully, for the most part landlords remain resilient – 59 per cent of landlords still think property is a worthwhile investment, while almost a third are optimistic about their future letting property.”
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