Almost a quarter (22%) of private landlords, with properties in England, lost rental income as a result of COVID-19, according to a new survey.
The research, conducted online by YouGov for the National Residential Landlords Association (NRLA), found that whilst 19% of those questioned had lost up to half of their usual rental income as a result of COVID-19, 3% had lost more than half.
YouGov carried out the online survey of 1,008 residential landlords with properties in England in early September 2020. Those surveyed were asked what proportion of their usual total rental income they have lost to date from their rented properties, as a result of Coronavirus.
The results were as follows: No lost income (76%), less than 10% loss (6%), a 10% to 20% loss (7%), 21% to 30% loss (3%), 31% to 40% loss (1%), 41% to 50% loss (2%), more than 50% loss (3%), don't know (1%), and prefer not to say (1%).
An analysis of the results by the NRLA suggests that, among those landlords surveyed saying that they have faced a loss of rent the average (median) loss was between £751 and £1,000. Applied across the sector as a whole, this suggests that the total rental income lost by private landlords with properties in England as a result of COVID has been between £328m and £437m.
The same survey showed that 9% of landlords said that they plan to leave the market altogether with 7% saying they will sell some of their rental properties over the next 12 months. This would serve to choke-off the supply of available homes for those unable to afford a home of their own, those struggling to access social rented housing and those who prefer the flexibility that the private rented sector provides.