New figures released from the National Residential Landlords Association indicate the more than half of private landlords have lost rental income as a result of the Covid-19 pandemic. Further, a third of landlords have reported that they were now more likely to either leave the market or reduce their portfolio in an attempt to recover some of their losses and to limit the impact any further.
Figures show of those landlords who have lost rental income, 22% had lost more than £5000.00 and 59% had lost more than £1000.00.
As we enter a further period of national lockdown, Landlords are facing more uncertainty from the court process for taking possession from tenants who have fallen behind on their rent meaning more Landlords are off loading their property portfolio and taking advantage of the property boom currently ongoing with the break in Stamp Duty Land Tax.
If you require any assistance either as a landlord in gaining possession of your property or you need help with any sales or purchases Hewitts have specialist teams who would be happy to assist in all of your property or litigation needs.