Most landlords stood by their tenants during the lockdown

26 August 2020 | General

Some 87% of landlords who received a received a request from a tenant for a rent reduction or payment holiday due to COVID-19 agreed to a concession, Vesta research shows.

More than a third (35%) received a request from a tenant for a rent reduction or payment holiday from March to June, outlining the scale of the disruption caused by Covid-19.

Despite this difficult period half (50%) of landlords plan to buy at least one property in the next 12 months.

Accompanying Vesta’s Landlord rental market survey report, the London broker provided the following commentary: “The results point to a robust private rented sector (PRS) underpinned by a vast majority of landlords who provided support to their tenants when a tenant requested financial concessions due to COVID-19.

“Confidence also appears to be returning to the market; as landlords are more positive than commentators and economists when it comes to expectations for medium term tenancy demand and house price growth.

“However, rental arrears experience indicates that caution needs to be taken by the government when considering the speed and extent to which support is withdrawn for both landlords and tenants, to ensure that the PRS continues to function for all participants.”

This post has originally been featured in Property Wire.