UK landlords face yearly £10 billion bill
With growing rent arrears and damage to properties becoming more common, landlords in Britain are subject to a yearly bill of nearly £10 billion per year.
The money goes towards damage, general repairs and rent arrears every year with £4.5 billion accounting just for property damage alone. The total amount of money that landlords will have to pay to cover rent arrears reaches £900 million, meaning every landlord in the UK is out of pocket by just over £6,600 every year.
The annual report conducted by Access Legal surveyed 2000 landlords and found that, away from the financial costs involved, 90% of them felt they should not be responsible for the immigration checks that must now be completed following the 'right to rent' scheme.
The main concern is the rising upkeep costs
Obviously the main concern for most landlords is still the rising upkeep costs, now unfortunately made worse thanks to the governments recent tax break reduction. It is also worth mentioning that even after court proceedings have taken place, 46% of tenants still fail to settle their debts.
Of the landlords surveyed, 80% felt that being a landlord was a 'second job', 63% felt it should be considered something of a long term investment and 47% just hoped it would ultimately provide them with extra income.
And it seems the financial numbers have spoken - only 7% were looking at buy-to-let as a full time career choice.
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