8:15 AM, 17th June 2014, About 7 years ago 6
In November 2013 we were approached by Allison Wallace from the University of York to participate in some research commissioned by Lloyds Banking Group and Shelter. We were pleased to help and we are grateful to Property118 members for getting involved. The discussion thread can be found HERE. Several Property118 members contacted Allison and her team directly.
The 107 page report has now been released and in my opinion, this is some of the most balanced research I have seen into our sector. Hopefully the politicians will read and understand this report which provides insight into buy-to-let mortgage arrears and the factors that influence mortgage debt.
To give you an insight into the findings, the following are just a few paragraphs from the “Forward” of the report, which is written by the lead sponsors Lloyds bank ……
“There are clear lessons within this research for landlords, legislators and lenders that can be used to improve the private rental sector for all.
Potential landlords need to understand their market and treat the letting proposition as a business. For the best chance of being successful, they should have a clear business plan and ensure they have enough resources to cover events that cause financial stress – such as repairs and voids. Legislators must review the obstacles preventing Landlords from getting their property back where rent isn’t being paid. Small scale landlords often do not have large reserves to draw upon in order to pay for mortgage payments and maintenance when a tenant stops paying the rent.
A balance clearly needs to be struck to ensure rogue landlords don’t abuse the system, but faster court processes to enable landlords to evict non-paying tenants are needed before landlords will risk entering into longer-term tenancies that some tenants want.”
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