If there’s one thing we can say for sure about the rental market in the UK, it’s that the sector is always changing. A temporary suspension on Stamp Duty, tenant eviction bans, fluctuating property prices; we’ve seen it all and more just in the last year.
But how have these changes affected landlords up and down the country? Has it been a winning combination, has it created the need for a new strategy or has it left some throwing in the towel?
We recently surveyed landlords from across the UK to get their insights on the current market. Some of the responses we were able to predict and others came as a shock.
Our full guide is available now to download, but here’s a quick snippet of our findings.
The Length of Void Periods
The length of void periods between tenant occupancies has risen drastically. At one point, it would have taken a landlord just a couple of weeks to find new tenants. These days, 72% of landlords expect void periods to last at least one month. 6% even think a void period lasting longer than three months is a likely scenario.
There are a lot of properties on the rental market. Around 4.4 million households rent their homes, so the amount of competition landlords face is staggering. Your property needs to be up to scratch to avoid lengthy voids because you know the landlord down the street won’t let their property fall behind the times.
And just what is the full cost of an unappealing, untenanted property? It’s close to £1500 per month! For a complete breakdown of the costs compared to the length of void periods, make sure to download our Landlord Insights guide now.
Download Our Landlord Insights Guide
Find out what other landlords are thinking for 2021.
The Importance of Interior Design
We know that tenant expectations have increased massively in the last couple of decades. Having just the bare bones of a property to show tenants simply doesn’t cut it anymore. People get a “feel” for properties the second they walk through the door. They just know whether a place is right for them.
To really sell the lifestyle that comes with your property, it needs an expert eye. 94% of landlords said they understood the importance of interior design for keeping voids at bay and increasing rental figures. And yet only 4% hired an expert interior designer to help them...
So, what’s the result of DIY interior design? Well, 28% of landlords saw their rental figures drop in the last year. The figure speaks for itself, but there are more details in our full guide.
Getting an expert to help isn’t as expensive as the TV shows and magazines would have you believe. And putting costs to one side, having a property designed by a professional is a strategic, long-term play that could increase the value of your property.
What Else Did the UK’s Landlords Reveal?
Every part of the UK has a different story to tell on how they’ve managed in the last year or so. Some landlords have admittedly struggled and others have thrived. Taking everything into consideration, there’s a lot of optimism for the future.
The landlords who took part in our survey explained the effect of lockdowns and tier restrictions on their properties, what they think tenants expect from properties in 2021 and what their plans are going forward.
LOFT is set to help every step of the way, and we’ll start by making our Landlord Insights Guide available to you now. Take some time to dive into the thoughts and feelings of the UK’s landlords, and use this information to make the right decisions for your own rental property or portfolio.