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One in three Yorkshire property investors are debating selling their rental properties due to issues with problem tenants, according to new research by online letting agent MakeUrMove.
The main factors that cause landlords issues are unpaid rent and damage to buildings and fittings. A staggering 48 per cent of landlords in the region had issues with tenants who failed to get their rent in on time.
Twenty per cent of the survey’s respondents had also faced large bills when tenants left their properties in a state of disrepair. One landlord was forced to foot a repair bill which amounted to £16,000.
Several other issues plague the landlords who were surveyed, a significant one being tenants who break items and refuse to pay for them, a problem 22 per cent of landlords have a suffered with. 16 per cent had also experienced tenants who refused to leave at the end of their tenancy, whilst 14 per cent saw extra people living in the property who were not on the tenant agreement.
Alexandra Morris, for MakeUrMove, said: ‘More than half of landlords in Yorkshire are classed as ‘accidental’ or ‘casual’, meaning they only have one property and rent it out to supplement their main working income. As these landlords make-up the backbone of the British property market, it’s important they feel happy to carry on letting. Stress and financial pressures caused by ‘challenging’ tenants is a sure fire way to put them off and steer them away from further investment.’
He continued: ‘This could also be a real worry for smaller landlords when it comes to cash flow. Generally, as long as the rent is coming in every month to cover mortgages and other associated costs, smaller ‘casual’ landlords don’t often plan for bigger costs caused by damage from tenants or lack of funds due to unpaid rent. As a result, when a big outlay comes around, some landlords find themselves in trouble – and there’s very little protection offered from the Government against these things.’