The research conducted by the NLA shows that 27% of landlords have been letting for less than five years, with 14% letting for just two years. Some 21% of landlords have been letting between six to 10 years and 52% for more than 10 years.
The figures correlate with the NLA’s recent findings that the proportion of part time or ‘amateur’ landlords is now at its highest ever level, comprising 70% of the sector.
With this in mind, the NLA is reminding all landlords of their obligations toward their tenants and the importance of ensuring good standards within the private rented sector (PRS) are maintained.
‘These findings tell us that a significant proportion of landlords have only been in business for a relatively short period of time. Even the most seasoned of landlords experience problems, so it is crucial that anyone new to the industry is aware of their obligations and understands that being a landlord involves much more than simply purchasing a property,’ said Richard Lambert, NLA chief executive officer.
‘Landlords should make sure they educate themselves as to what is expected of them, legally and professionally, especially if they plan to manage the properties themselves. Not knowing your obligations as a landlord could result in serious problems, financial as well as legal. A tenant should be safe and comfortable in their home and ignorance is no excuse,’ he explained.
‘In order to ensure good standards in the sector, anyone who is thinking of becoming a landlord should do their research first and make sure they continually keep up to date with legislation and good standards of practice. As the leading landlord association, landlords can rely on us as a source of valuable information and advice,’ he added.
Meanwhile, separate research shows that nearly one in three private tenants only deal with a letting agent and have never met their landlord.
Some 30% of private tenants deal only with their letting agent, 24% of these respondents work primarily with the letting agent but have met their landlord, and 46% deal with the landlord directly on issues concerning their home, according to research from mortgage and loan broker Ocean Finance.
Across the country, London renters were among the most likely to only work with a letting agent, along with residents in the North East at 36% and 38% respectively. The capital is home to the highest percentage of renters in England and Wales at 50% of all households in the city.
Renters may want to speak with their landlords directly if there is a problem with the property, rather than having to wait to go through the letting agent to reach them. They may also see good communication with their landlord as part of the service they are paying for. On average, private renters spend 40% of their income on their rent, compared to the 20% of a homeowner’s income that goes on their mortgage.
Respondents aged between 18 and 24 years old were the most likely to rent their home and the most likely to have not met their landlord. More than a third, 38%, of private renters in this age bracket revealed they only deal with a letting agent, compared to 15% of those aged over 55.
‘It is surprising that such a significant proportion of Brits who privately rent have never met their landlord,’ said Ocean Finance spokesman Ian Williams.
‘Being able to get in touch with the person who owns their property may provide additional peace of mind to renters that they know where to turn for a speedy response should there be a problem with their home,’ he added
