NRLA Occasional Research Series May 2020 Coronavirus and ... · iv NRLA coronavirus & landlords...
Transcript of NRLA Occasional Research Series May 2020 Coronavirus and ... · iv NRLA coronavirus & landlords...
Coronavirus and landlords: A follow-up survey
NRLA Occasional Research SeriesMay 2020
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NRLA coronavirus & landlords (survey 2)
May 2020
Contents About the NRLA ............................................................................................................. ii
The NRLA Research Observatory .................................................................................. ii
Executive Summary ..................................................................................................... iii
1. Introduction ....................................................................................................................... 1
About this survey ........................................................................................................... 1
About the sample .......................................................................................................... 2
2. Many landlords are facing disruption to their rental income streams ............................ 3
Analysis of rent arrears data ......................................................................................... 4
3. The loss of rent is becoming significant for a number of landlords ................................ 5
Analysis .......................................................................................................................... 6
Landlord comments ...................................................................................................... 6
4. But landlords are not planning to use legal redress to reclaim owed rent… ................. 7
Comments from landlords ............................................................................................ 8
5. …instead, most landlords are receptive to tenant requests ........................................... 9
Landlord comments ...................................................................................................... 9
6. Landlords recognise the need to get through this crisis together ................................. 10
7. Mortgage holidays are not a widely used tool (yet)…. ................................................... 12
Landlord comments .................................................................................................... 13
8. …. nor are landlords able to fall back on rent guarantee insurance ............................. 14
9. One-third of landlords have experienced problems gaining access to property ......... 16
Contractors .................................................................................................................. 17
Landlord comments .................................................................................................... 17
10. Many landlords are also suffering with the economic lockdown ............................. 18
11. Summary & policy recommendations ........................................................................ 20
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About the NRLA
The NRLA represents the interests of landlords in the private rented sector (PRS) across
England and Wales. In April 2020, the merger between the two largest communities of
landlords, the National Landlords Association and the Residential Landlords Association,
was officially completed.
With both organisations combining, the NRLA has over 80,000 members, ensuring
landlords have a unified voice in Whitehall and Cardiff.
We represent a growing community of landlords who trust and rely on us to deliver day-
to-day support, expert advice and government campaigning. They participate in our
learning activities which makes them better landlords. We offer a range of high-quality
services relevant to their needs.
Now and in the future, we campaign to improve the private rented sector for both
landlords and tenants, engaging with policymakers at all levels of Government. Our vision
is to make the renting experience better for everyone involved in the private rented sector.
We continually campaign using evidence-backed positions to achieve this vision and hope
to create an increasingly positive public perception around landlords. In doing so we
reinforce the vital role landlords have in supplying homes across Great Britain.
The NRLA Research Observatory The NRLA aims to provide high-quality research and analysis on the economic, social and
political issues facing the private rented sector.
This will be achieved through the NRLA in-house research team and various projects
commissioned to external research providers. Our activities seek to influence decision
makers and translate into an improved renting experience for all stakeholders.
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Executive Summary
This survey was conducted by the National Residential Landlords Association (NRLA) over
the first weekend in May.
It is largely, though not entirely a survey of members. Although the survey sought the
views of all, this report considers the responses of the 4,566 current and active landlords
who participated in the survey.
Rental Streams and loss of income
More than 54% of landlords have experienced some form of income drop in at least part
of their portfolio as a direct result of coronavirus.
This income loss is now starting to become substantial. Almost half of landlords have lost
upwards of two or more months of rental income since this crisis unfolded.
Propensity to resort to legal redress
Despite the loss of income and drop in rent payments, landlords are not as yet, preparing
to seek redress through the courts – even in “worst case” examples of tenant debt.
Just 4% of landlords have served a notice under either Section 8 or Section 21 of the 1988
Housing Act.
Tenant negotiation and requests
Where a tenant has requested some change in payment or terms to their tenancy because
of the coronavirus, over 90% of landlords are responding positively.
To date, around 44% of landlords stated they have received at least one request from a
tenant to reprofile their terms and conditions in some way.
Getting through the crisis
The above notwithstanding, landlords have often been more than willing to go the extra
mile and support their tenants. There are many acts of landlord generosity and support –
often at financial cost to landlords.
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Mortgage holidays & rent guarantee insurance
Very few landlords have applied so far for a mortgage holiday, although there is a greater
proportion giving an application at least some consideration. If a substantial proportion
of those “considering” an application then feel the need to do so, or more tenancies slide
into arrears, then this proportion could rise into something quite significant.
Note that by and large rent guarantee insurance has been, so far at least an irrelevant
factor in landlords’ reckoning on managing their property business.
Access to property
One-third of all landlords have experienced difficulties in gaining access to property to
undertake safety checks, maintenance and home improvements. Gas safety and
scheduled property improvements are posing the biggest challenges and some landlords
are also concerned about falling foul of safety and licensing legislation.
Landlordsʼ own financial position
A substantial proportion of landlords (22%) have themselves experienced significant
reductions in employment income and opportunity in the wake of lockdown restrictions.
A considerable number of landlords also rely on their properties for their own rental
income and these landlords too are often struggling. Landlords also have unexpected
Council Tax bills as void properties remain unexpectedly vacant for longer.
Closing thoughts
The next steps out of lockdown are crucial. As debt and voids rise landlords may find
themselves running out of options, with the risk of a spike in court proceedings and
claims. At present, such a spike is avoidable – though this may depend on how existing
income-based schemes are managed through the withdrawal from lockdown.
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1. Introduction
About this survey This survey is the first survey in which all members of the newly formed NRLA have been
invited to participate in.
This means that over 80,000 invitations direct were sent to NRLA members, with a social
media campaign and coverage in the industry press. This enabled an opportunity to
participate in the survey to non-members.
In total 4,718 participants took part in the survey, over 4,600 of whom are members of the
NRLA. Members of the NRLA are not just current landlords but others who have an
interest in the Private Rented Sector (PRS).
However this report focuses on the responses of current, active landlords who
participated in the survey.
Note that this report does not purport to be typical of the landlord community – wider
surveys and analysis such as that undertaken in the English Private Landlord Survey 2018
(published by the Ministry of Housing, Communities and Local Government) – highlights
some differences. It is however, with over 4,500 participants an important snapshot of the
key segment of the landlord community.
The survey took place during the first weekend in May and was conducted online and
anonymised. The survey was undertaken by the NRLA’s Research Observatory team, who
also undertook the analysis.
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About the sample In total 4,566 current and active landlords took part in the survey1:
• Most of these – 3,704 (81.1%) – are landlords who own more than one property
• This means 862 respondents (18.9%) are landlords who let just one property.
Note that 111 landlord responses came via social media. These participants are not
necessarily members of the NRLA.
For this survey we asked landlords in which single region did they consider their portfolio
to be focused:
• Over 20% (22.8%) of participants had their portfolios focused in the South East.
• Landlords with portfolios in other regions include London (17.2% of landlords), the
South West (12.5%) and North West (10.1%).
o Landlords with portfolios focused in Wales accounted for 4.6% of all
landlords in the survey.
From previous work undertaken by both the RLA and NLA the average portfolio size is
approximately 7-8 properties. There is no reason to think this particular survey should
differ from previous profiles.
1 Not all landlords answer all questions so totals for individual questions may differ
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2. Many landlords are facing disruption to
their rental income streams
Table 1 below shows a summary of experiences of landlords who participated in the
survey:
Table 1: Which of the following statements most closely reflects your experience since
the lockdown began?
No of
responses
Percentage of
respondents
01 My tenants have been paying all their rent as usual 1707 37.5%
02 There are issues with late rent with at least one tenant,
but these ARE NOT related to coronavirus
303 6.7%
03 Rental income has been affected as a result of the
coronavirus
1550 34.0%
04 I have experienced an increase in void periods since
lockdown
158 3.5%
05 A combination of options 03 & 04 above apply 749 16.4%
06 Not clear which of the above apply to me 87 1.9%
Total 4,554 100.0%
Base: All landlords
• More than 50% (54%) of landlords have experienced some combination of rent
problems or unanticipated void issues as a result of the coronavirus:
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Analysis of rent arrears data Approximately 40% (37.5% from Table 1 above) of landlords have reported their tenants
have been paying rent as normal since lockdown began.
Based on average portfolio sizes within the surveyed population (typically between 7-8
properties per landlord), if a typical landlord who has stated they have an in debt tenancy
has just one such tenancy, then approximately 8% of the properties covered by this survey
are in debt2.
Similarly, if landlords have on average three such tenancies3, using the same approach as
in the footnote, approximately 24% of the properties covered by this survey are in debt.
2 That is 1/8 of the 60% of landlords who presently have at least either one tenant in debt or a void property. Where the denominator is the average number of properties our members have in their letting portfolio. 3 We felt three was a not unreasonable upper band for this calculation.
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3. The loss of rent is becoming significant
for a number of landlords
Over half of landlords (54%) reported a direct correlation between the coronavirus and at
least one of the following problems: (i) rent payments of at least one of their tenants or (ii)
longer than anticipated void (vacant) periods on their properties4.
The chart below shows the current level of rent arrears landlords are experiencing.
Chart 1: Distribution of landlords’ lost income across their portfolio
Many landlords in the
survey own multiple
properties, so the data
should not be seen as
an estimate of overall
debt or arrears. It
reflects landlords’ lost
rental income.
4 There are three main reasons why voids are a problem at present (i) tenancies come to an end and
landlords are finding it more difficult to find new tenants (ii) renters quit their tenancies early as a result of their health and/or change in labour market status (iii) landlords are unable to complete scheduled improvement or safety works and so cannot offer the property to tenants.
54% Proportion of landlords reporting
coronavirus-related problems with
tenant rent or void property.
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Analysis So, almost 60% of those landlords who have declared arrears have experienced at least
the equivalent of one month’s loss of income across their portfolios.
For most landlords, rent is paid in advance – often termly in the case of lets to students. In
other cases, tenants from overseas cut short their tenancies to return home during an
earlier phase of the pandemic. In addition, many self-employed tenants are awaiting
payment from the Self-Employed Income Support Scheme before they can pay rent.
Thus, it is quite possible for landlords to now be facing an income drop equal to several
months of rent.
It also reflects the issues with voids highlighted previously: property which a landlord
would normally turnaround at the end of a tenancy and re-let relatively quickly is now an
asset effectively in suspended animation5.
Landlord comments “[My Property is] Empty, therefore so far 2 months lost”.
“My previous tenant left on 22 March and I have not been able to let the property since due to the lockdown”.
“Currently a loss of one third per month so no idea how long this will continue”.
“No rent received in April or May. Deferred until June. Hopefully arrears will be paid then when our tenant
hopefully gets his Self-employment grant from the government”.
“Previous tenant left at end of Jan 2020. Still vacant due to 100% coronavirus and the lockdown and
suspension of flights”.
5 From the comments accompanying responses to the survey landlords have flagged this issue, rightly, in terms of loss of income.
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4. But landlords are not planning to use
legal redress to reclaim owed rent…
Landlords were also asked whether they had served either (or both) a Section 8 or a
Section 21 notice since the above dates:
Chart 2: Proportion of landlords who have served at least one Section 8 or Section 21
notice since March 26th
The conclusion from this is clear: (i) many landlords are facing substantial arrears (ii) void
properties are at present a bigger issue than usual.
Yes, served a notice
4%
No, have not served a
notice95%
Dont know
1%
Base: All landlords
8.9% Proportion of landlords with an
outstanding claim under Section 8,
Section 21, or both prior to suspension of
court process on March 26th/27th
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However, landlords are not at present looking to use the courts to seek compensation for
lost income.
• Only four percent of landlords have issued any kind of possession proceedings in
anticipation of the reopening of the courts.
• Even amongst those landlords who are owed the most by tenants, legal remedies
are not currently being pursued6.
Comments from landlords “I need to serve notice on 2 tenants who are just not paying and will not communicate. I also have 2 properties
empty needing repairs which I can’t get done. All in all, I am nearly £3,000 per month down”.
“As I am shielding, I cannot go to the property. However, one of the tenants is carrying out both gardening and
additional cleaning in lieu of rent, which is very helpful”.
“Bailiffs arrived to execute a warrant of possession before lockdown to find a notice saying tenant was self-
isolating. The tenant was already 5 months in arrears and hadn't bothered speaking to us or attending court
months earlier. He continues to reside, paying no rent, with virtually no hope I will ever recover it”.
“Tenants are flaunting the law. I am now powerless to protect my interests as no longer have the Court to
protect me”.
“There seems a general feeling that it’s ok to protect tenants in this hard time, but landlords just deserve to put
up with the loss. I cannot afford months and months without rent”.
“I have decided to work with my tenants in order to keep them housed and agree a payment plan for rent
arrears”.
“One tenant, now 5 months in arrears, where notice might encourage opening dialogue, but I do not feel able
to issue notice in the current environment. Ultimately, I would prefer to help her through anyway”.
6 For example only 6.8% of those landlords who are owed the most in rent (equal to two months or more) have issued court proceedings to reclaim owed monies.
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5. …instead, most landlords are receptive
to tenant requests
Landlords were asked whether tenants had approached them to request support. If so,
they were asked about the nature of the request or requests and how they had responded
to it.
Landlords were asked whether tenants had approached them for any of the following:
• Rent reduction of up to 20% of rent
(this figure chosen as it reflects the
government’s furlough scheme);
• Rent reduction of more than 20%;
• A rent-free period;
• A deferred rent arrangement - rental
holiday;
• Early release from a tenancy;
• Refunds on services (HMOs).
In response to the question:
• In total, 2,018 landlords received such a request from at least one tenant.
o This is equal to 44.2% of all landlords who participated in the survey.
• Of this group of landlords, 1,824 landlords granted at least one request from the
above list.
o This is equal to 90.3% of all landlords responding positively to at least one
of the above tenant requests.
Landlord comments “3 out of 6 tenants (young professionals) said they couldn’t pay their full rent, so I have subsidised 50% with a
review for June”.
“50% deferred payment until tenant can return to work as he is self employed”.
“Agreed to reduce rents to pay back later over the period of the lease”.
“By agreement as we are all in this together”.
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6. Landlords recognise the need to get
through this crisis together
The survey asked landlords about the additional support they had given tenants during
this current crisis.
Almost 80% of landlords identified from a list at least one way in which they had
supported tenants.
The most common answers are set out below:
Proportion of landlords who
have checked up on vulnerable
tenants since March 26th
Proportion of landlords who
have served a notice seeking
possession for rent arrears or
damage since March 26th
28% 4%
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Chart 3: Common ways in which landlords supported tenants (multiple responses)
Source: All landlords
In addition to supporting tenants through agreeing rent reductions:
• Almost 30% of landlords have checked up on vulnerable tenants.
• Though not shown above more landlords have run errands for self-isolating or
vulnerable tenants (over 6%) than have served notice for rent arrears.
• Almost one-in-five landlords have offered some form of rent-free period.
Of those “Other” answers, examples landlords provided includes:
• Providing access to landlord's gardens to allow tenants exercise.
• Allowing tenants to leave furniture at end of tenancy.
• Forgoing of usual end of contract inspection.
• Provided reassurance over bills.
• Offered help and even paid utility bills.
• Provided interest free loans.
• Paid for removal and cleaners.
15.3%
18.2%
27.0%
28.7%
30.4%
0% 5% 10% 15% 20% 25% 30% 35%
Other
Offered
rent free period
Shown flexibility
on tenancy duration
Checked up on
vulnerable tenants
Reduced rent
for tenants
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7. Mortgage holidays are not a widely used
tool (yet)….
Landlords who have been facing coronavirus issues with rental income were asked
whether they had applied for a mortgage holiday:
Table 2: Likelihood of landlords applying for a mortgage holiday
No of
responses
Percentage of
respondents
Percentage of
all active
landlords7
01 Yes - applied and received a mortgage
holiday
253 13.8% 5.6%
02 Yes - applied for a mortgage holiday but
not yet agreed
50 2.7% 1.1%
03 No - have not applied but considering
doing so
386 21.1% ---*
04 No - no plans to apply for such a holiday 1,138 62.3% ---*
Total 1,827 100.0% 100.0%
Base: Active landlords with rent problems & who have a mortgage/ All active landlords
Even though this is the proportion of landlords who have experienced difficulties with
rental payments due – only a small proportion of landlords to date have applied for a
mortgage holiday:
• Approximately 7% of all landlords in the survey have applied for a mortgage
holiday.
7 Not all landlords have been asked this question. This is especially important for those answers marked “*”.
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However:
• A not insignificant number of landlords are considering making just such an
application.
• This could be an indicator that the financial position of landlords is somewhat
perilous:
o If a significant proportion in this group did make an application, then the
total level of applications soon ratchets up and a significant proportion of
PRS landlords – as many as one-in-ten – could be applying for such a
holiday8.
Landlord comments “I do have a deferred mortgage payment agreement with my Lender, but the balance of the rental income is
what I live off, plus my State Pension. I am now having to borrow money to live…. Therefore- I am suffering”.
“Easy and simple process. Thankfully. Basically, no questions asked - which was unexpected”.
“It was done by text, which was surprising. Answer given quickly but don't know what happens after 3 months”.
“Mortgage provider unwilling to assist as mortgage product is an old-style arrangement that is no longer
supported”.
“My mortgage provider has agreed to a mortgage holiday (large portfolio loan) but only when I provide
evidence that more than a portion of my tenants are not paying. This makes cashflow and planning harder
than it needs to be”.
8 This thought is strengthened by the recognition that a deterioration in finances could result in more landlords not included in the question making a request.
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8. …. nor are landlords able to fall back on
rent guarantee insurance
Few landlords have rent arrears insurance. Roughly half (44.6%) of those that do have rent
insurance have tenants in debt.
But even for these landlords there are a range of reasons why landlords have decided not
to pursue claims9. As a result:
• Fewer than thirty landlords in the sample of over 4,500 landlords have attempted
to make a claim.
9 These reasons include: uncertainty of terms and conditions; excess charges and the need to start legal proceedings on tenants as a condition of a claim.
16% Proportion of landlords who had taken
out insurance to protect them from
tenant rent arrears
1.5% Proportion of landlords with insurance
who have made a successful claim
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• Just eleven landlords have made successful claims – ten of which are for rent
arrears:
o This covers just 0.4% of all landlords who are owed monies as a result of
coronavirus.
Claims have been rejected for a number of reasons including:
• Pandemic exclusion clause.
• The impact of government intervention invalidated claims.
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9. One-third of landlords have experienced
problems gaining access to property
The survey asked landlords whether, because their tenants had wished to shield, isolate
or otherwise maintain social distancing, they had experienced difficulties gaining access
to one of their properties.
Around one third of landlords reported themselves as having no need to access any of
their properties. A further one-third of landlords reported no problems in gaining access.
However, one-third of all landlords have experienced difficulties in gaining access to
property to undertake safety checks, maintenance and home improvements. The chart
below shows the proportion of ALL landlords reporting instances where access had been
an issue:
Chart 4: Accessibility problems because of coronavirus (Multiple answers)
Base: All landlords
4.8%
3.9%
4.1%
4.6%
6.0%
7.6%
13.0%
14.3%
0% 2% 4% 6% 8% 10% 12% 14% 16%
Other
Licensing requirements/
inspections
Energy Performance
Certificate
Checkout inventory
for tenant deposit
Urgent repairs
to property
Electrical and/or
fire safety checks
Scheduled property
improvements/general…
Gas safety
certificate
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Thus, gas safety and property improvements were proving particularly difficult for
landlords. These were almost twice as likely to cause problems than other reasons
landlords may need access to a property.
Contractors The survey also asked landlords about difficulties in getting a contractor to work in one of
their properties.
The pattern was near identical:
• Around one third of landlords had not needed the services of a contractor since
lockdown began.
• Another third had not had any issues getting a contractor on-site.
• Of the one third of landlords reporting difficulties getting contractors to attend a
property, gas safety certification and property improvements had proved to be the
biggest problems.
Landlord comments “Contractors concerns about attending flat with tenant confined within flat”.
“Have had to leave final repairs to water heater for a month due to virus but tenant is managing ok”.
“Letting agents furloughed their staff and the remaining workers had difficulty managing the work”.
“Contractor needs all in property to confirm directly they are Covid-19 free. This is hard when there's multiple
tenants”.
“Could not get plumbing services for 6 weeks. They cancelled all appointment due to lack of staff”.
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10. Many landlords are also suffering with
the economic lockdown
The chart below reflects on how the coronavirus has impacted on landlords economically,
outside of their rental incomes:
Chart 5: Impact of lockdown on labour market position of landlords
Base: All landlords10
A significant proportion of landlords have suffered in employment terms, in a not
dissimilar fashion to their tenants:
• Over one in five landlords have faced some form of negative employment
consequence11 as a result of coronavirus.
• Of those in the largest group, a considerable proportion will rely almost entirely on
their rental income and so will also be facing some kind of hardship.
10 Excludes “Other” responses. 11 This is an amalgam of responses to a question about whether the landlord had been furloughed, laid off or forced to cease business trading.
Landlords who have faced in-work
difficulties 22%
Landlords whose work has carried
on much as before26%
Landlords not in employment/
self-employment 52%
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For example:
• Over half (51.7%) of all landlords in the largest of the above groups stated they had
experienced difficulties with rents and voids as a result of the virus.
Finally:
• Around a quarter of landlords who responded (23.7%) stated they had
unexpectedly become liable for unanticipated Council Tax payments as a result of
the coronavirus
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11. Summary & policy recommendations
At the beginning of May a picture is emerging of a Private Rented Sector in which a
high proportion of landlords, like many of their tenants are feeling the strain:
• More than half of all landlords are reporting either some levels of rent arrears or
unanticipated void periods on their properties.
• For a substantial proportion of landlords, rent arrears are now increasing- with
debt levels more likely to be higher in the capital.
• A substantial proportion of landlords have also seen their labour market position
deteriorate as their own businesses and jobs have suffered under the current
lockdown.
• Even where insurance products have been put in place, they have largely proved
ineffective at protecting landlords.
However, the majority of landlords who fall into the above categories are showing
resilience. Alongside the government interventions which have been put in place,
the actions of landlords mean a housing crisis has so far been averted:
• When approached by tenants they have been highly likely to respond affirmatively
to tenant requests for rent support.
• Statistically they are far more likely to have checked up on and run errands for
vulnerable and self-isolating tenants than they are to have instigated legal
proceedings to reclaim rents they owe.
• There are numerous ways in which landlords have supported tenants financially
and through providing in-kind support.
The next steps though are crucial. As debt and voids rise landlords may find
themselves running out of options.
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At the moment, our assessment is that the stay on possession proceedings could probably
be lifted on 25th June without the fear of a large spike in claims. This is largely based on
the impact of the Self-Employed Income Support Scheme due to be paid before the end of
May which will cover the period of the lockdown so far. This could reduce debt levels in
the system.
At the same time the continuation of the furlough scheme should ensure, though debt in
this instance will rise, landlords and tenants should be able to reach agreement without
turning to the court system.
Easing of the special lockdown measures for the property market will also mean it now
becomes easier to find contractors and potential new tenants who will visit property.
Government – national and local – will however need to show continued pragmatism on
access and licensing enforcement to allow capacity to recover.
In the end it is inevitable many landlords, like their tenants, will take a hit from this crisis.
Many landlords accept this. The work of our predecessor organisations shows that the
relationship between landlord and tenant is in most cases positive.
The challenge for government in the private rented housing market, as with other
economic sectors, is to withdraw economic support for sector participants as painlessly
as possible.
National Residential Landlords Association212 Washway Road
SaleM33 6RN
T: 03330 142 998