At Thomas Morris, we stay in touch with clients, which allows us to offer relevant guidance in the market. We have spoken with many landlords in St Neots, and we have branches across England, allowing us to better understand the day to day challenges landlords face.
We also stay in touch with the latest research and studies in the market. We know what landlords are feeling and facing. If you need assistance in the rental market, please get in touch, and we will help you make an informed decision.
Many landlords have struggled since lockdown
Hamilton Fraser have conducted research with 1,200 landlords, highlighting the issues many landlords have endured since lockdown. 43% of landlords say tenants have informed them they will struggle to pay rent. 49% of landlords have received full rental payment.
For landlords who haven’t received full rent, Hamilton Fraser’s research suggests:
27% of landlords have received at least three-quarters of rental fees but not full rent
9% of landlords have received something but 50% or less than the rental fee
15% of landlords have received no rental payments at all
The study also revealed 75% of landlords who have been contacted by tenants citing problems, 75% have agreed a solution. Solutions include payment holiday, rent reduction or a payment plan.
Landlord confidence is falling
As the pandemic continues to stifle “normal activity”, there is a fall in confidence from landlords. Many landlords have informed Hamilton Fraser they will be unable to support tenants who are
Paul Shamplina is the Brand Ambassador for Hamilton Fraser, and she said; “Given the severity of the circumstances and rising unemployment, it’s no surprise that more than 50% of tenants have been unable to pay their rent in full or at all. However, it is clear that the vast majority of landlords have done everything they can to offer support and sustain tenancies. The question is how long can that last for?”
Paula continued by saying; “Many landlords are also struggling financially, owing to reduced or loss of employment, and simply don’t have the means to subsidise rents, that they rely on, indefinitely. What is most concerning, is that the true scale of rent arrears and impact of the last six months will not be realised until the end of the furlough scheme in October.”
There is some optimism in lettings market
There has also been a study from Goodlord, who spoke with 350 letting professionals. Highlights of their findings include:
80% of respondents felt “positive” about the industry, which is a rise of 50% compared to figures at the start of the year
Only 2% of respondents cited Brexit as a leading concern, which is perhaps an indicator of more pressing matters
With 47% of respondents citing the COVID pandemic as their most pressing concern, this is an area where landlords and letting professionals need assistance
Goodlord COO, Tom Mundy, said: “We’ve always known that the lettings industry and those working in it are incredibly resilient. But the last six months have proved that they can weather the most intense of storms.”
“At Thomas Morris, we appreciate there is considerable uncertainty in the housing and lettings market”, said Thomas Morris St Neots Branch Manager Andrea Delaney. “We are keen to support all local landlords and tenants. If you have any questions, or you would like to make a move, please get in touch.”
If you are looking for help with any matter of the rental market, it is best to speak to property professionals. You can book a sales or rental valuation appointment directly on line at a time and date of your choice by clicking here or alternatively or you can phone our St Neots branch on 01480 403020.