As the coronavirus lockdown cause financial difficulties for many people, a study has shown that 87 per cent of landlords have responded positively to requests for rent reductions or a payment holiday from tenants.
According to Vesta’s Landlord Rental Market Survey report, over a third (35 per cent) of landlords received a request from tenants for financial aid between March and June, highlighting the scale of the disruption caused by the COVID-19 outbreak.
Despite the difficulties, 50 per cent of landlords plan to buy at least one property within the next 12 months.
The London property broker provided the following commentary with the report: “The results point to a robust private rented sector (PRS) underpinned by a vast majority of landlords who provided support to their tenants when a tenant requested financial concessions due to COVID-19.”
It noted that there was increased confidence in the market, once it had been reopened after the lockdown measures had been eased, and that landlords appeared to be more positive in their expectations for medium-term tenancy demand and property price growth than commentators and economists.
However, it warned that there needs to be caution in respect to rental arrears for both tenants and landlords, given the speed and extent to which the government is withdrawing support, to make sure that the Property Redress Scheme (PRS) continues to function for all its members and participants.
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