League table of landlord worries underlines need for letting agents
A new league table of worries for landlords shows that a lot of the problems are ‘basics’ rather than more complicated issues and underlines the need for lettings agents.
Zoopla’s survey of 6,000 consumers and over 660 lettings and estate agents compiled a list of the issues most concerning landlords for 2019.
Finding suitable tenants who will look after the property and pay the rent on time are the three main concerns, followed by anxieties about keeping up with increased regulations, future changes to legislation and making enough profit.
Restrictions on buy-to-let mortgage interest tax relief, local rental values, the tenants’ fees ban and a slowdown in the increase of property prices round out the top ten list of landlord worries.
A Zoopla spokesperson said: “Awareness of legislation changes amongst landlords is quite low.
“Agents are much more on top of the situation. Only around a third of landlords are aware of some of the biggest regulatory changes.
“This presents an opportunity for letting agents to share knowledge and educate landlords further about changes in legislation, to stop them dropping out of the market longer term.”
The Zoopla survey shows that most of the landlords who find the legislation changes a challenge are not planning to do anything in response.
“Some are planning to leave the market, whilst others plan to move to a letting agent to help them manage their properties, presenting an interesting opportunity for agents,” the spokesperson said.
The Zoopla survey also revealed the top ten subjects landlords are very aware of: mortgage interest tax relief being phased out for some taxpayers; house in multiple occupations licence needed for properties with 5+ occupiers; energy inefficient properties could be fined; minimum room size regulations; a cap on rental deposits; ban on tenant fees in respect of granting, renewing or extending a tenancy; giving a ‘how to rent’ guide to new tenants; tougher rules on mortgage financing for landlords with 4+ properties; ban on surcharges for electronic payments; banning orders now being placed on a national database.