9 Oct

Being a landlord is "more stressful than ever"

Being a landlord is "more stressful than ever"

The research conducted by UK Landlord Tax concluded that 25 per cent of landlords have found it more stressful than they expected and 67 per cent felt more stressed than a year ago.

It was also discovered that many landlords are having to use up annual leave to sort out problems connected to the property they rent out.

A total of 46 per cent of landlords revealed they spend around 20 hours a year on phone calls, negotiating with agents and tenants, as well as sorting out other issues connected to insurance, house repairs and maintenance.

Pets were also seen by many landlords as an area that raised stress levels, with 60 per cent saying they had banned pets from their properties, with five per cent saying that tenants had kept animals without seeking consent and this had resulted in some form of damage to the rental property.

Other factors that contributed to increased stress levels included late rent payments, funding property maintenance and repairs and worries about tax issues.

"Following the dramatic increase in landlords in the UK, it’s not surprising that they are becoming more stressed. Letting properties is a serious business and with the number of so-called accidental landlords increasing significantly, it’s no surprise that landlords are feeling the pressure," said Simon Thandi, director at UK Landlord Tax.

A separate survey has also highlighted the role that the Bank of Mum and Dad still pays in helping people step off the rental ladder and purchase their own home, reports the Independent.

Removals company Bishop's Move revealed 42 per cent of those aged 25-34 believe the greatest barrier to buying their own property is the need to raise a deposit. However, this feel fell to 14 per cent for those aged between 18 and 24 - suggesting that young people are expecting their parents to step in and provide the necessary funds.

"I think there is now an acceptance amongst some parts of the younger generations that they don’t have a choice but to turn to the ‘Bank of Mum and Dad’ if they want to get on the property ladder, which is why I think the figures for those aged between 18-24 are so low," said Bishop’s Move’s sales and marketing director, Chris Marshall.


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