The National Residential Landlords Association’s (NRLA) interim survey for the fourth quarter of 2020 found that 56 per cent had lost rental income as a result of the pandemic, with 12 per cent having lost more than 20 per cent.
Among those who lost rental income, 22 per cent had lost more than £5,000 and 59 per cent had lost more than £1,000.
Over a third said that the losses are continuing to increase.
But the pandemic is also hitting landlords in other ways; a quarter of respondents to the survey had lost non-rental income due to the pandemic, with 12 per cent having lost more than 20 per cent.
Up to £5,000
Of this group, 41 per cent have lost more than £1,000, with 20 per cent seeing losses of up to £5,000.
Also, a third of landlords now say they are ‘more likely’ to either leave the market or reduce their portfolio as the evictions ban, weakening tenant incomes and problems with Universal Credit continue to impact the sector.
“Although most landlords have done everything they can to help tenants affected as a result of the pandemic, we have now reached the end of what they are able to do,” says Ben Beadle, Chief Executive of the NRLA (pictured).
“Continuing to ban repossessions just means that tenants struggling to pay their rent are accumulating more debt, reducing the chances that they will be able to pay it off. This ultimately will put more renters at risk of losing their homes.”
Beadle says ministers need to developer a ‘proper plan’ to sustain tenancies and help the rental market recover.