The global pandemic has affected us all and will continue to do so over the next few months, as it shows no signs of slowing down… and landlords would perhaps be wise to plan ahead if possible if they’re to survive financially, especially with the recession likely to last well into spring next year.
New research from The Mortgage Lender has just revealed that 65 per cent of landlords have suffered financially over the last few months, with 46 per cent concerned that their investments will be hit hard by the recession over the next two years. And 41 per cent are worried about increased unemployment having an impact.
The study also found that 31 per cent are worried about a rise in taxation and how this will affect their portfolios, while 21 per cent believe that people moving from cities to places with more outside space and room to work from home will hit their inner city properties.
Steve Griffiths, sales director with The Mortgage Lender, said: “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.
To help stay on top of it all, review your rent roll as soon as you can so you can monitor tenants and keep abreast of situations as and when they change. Make sure you communicate with your tenants and try to provide assistance where possible, whether that’s rent deferrals or moving payments to monthly arrangements.
For help with Brentwood property management, get in touch with Delta Residential today.