Over half of private landlords have lost rental income due to the pandemic, according to new research from the National Residential Landlords Association (NRLA).
The NRLA survey for the fourth quarter also found that a third of landlords are now more likely to either leave the market entirely or sell some of their properties. Around 56% had lost rental income due to the pandemic, with 12% having lost more than 20% of that income.
Of all those who had lost rental income, 22% had lost more than £5,000 and 59% had lost more than £1,000, while 36% said that the losses are continuing to increase.
The findings also showed that 26% of respondents had lost non-rental income because of the pandemic, with 12% having lost more than 20% of this. Of those who had lost non-rental income, 41% had lost more than £1,000, with 20% having lost more than £5,000.
Responding to the interim results, Ben Beadle, chief executive at the NRLA said: “Simply continuing to ban repossessions just means that tenants struggling to pay their rent are accumulating more debt, reducing the chances that they will be able to pay it off. This ultimately will put more renters at risk of losing their homes.”