More than half of of private landlords with properties in England surveyed have lost rental income as a result of Covid-19, according to the latest research by the National Residential Landlords Association (NRLA).
Some 56% of those questioned as part of the NRLA’s Q4 2020 survey had lost over half of their usual rental income as a consequence of the pandemic, with 12% having lost more than 20% of that income.
Amongst those landlords surveyed who said they have faced a loss of rent, 22% had lost more than £5,000 and 59% had lost more than £1,000. Some 36% said that the losses are continuing to increase.
Of those who had lost non-rental income, 41% have lost more than £1,000, with 20% having lost more than £5,000.
The research also reveals that a third of landlords plan to reduce their portfolios by either leaving the market entirely or selling some of their properties.
Ben Beadle, chief executive of the NRLA, commented: “Although most landlords have done everything they can to help tenants affected as a result of the pandemic, we have now reached the end of what they are able to do.
“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.
“Ministers need to develop a proper plan to sustain tenancies and help the rental market recover. This needs to include a financial package to enable tenants to pay off any arrears built as a direct result of the pandemic.”