Number Of Landlords Falls
According to the Countrywide PLC Monthly Lettings Index that was produced for August 2017 the number of landlords here in the UK has gone down by a significant number. In fact, the reduction is 154,000 since 2015. However it is interesting that the number of rented homes has gone up by 171,000.
On that basis, this would indicate that a lower number of landlords are renting out more residential properties. In fact, on average a landlord is now renting out 1.44 residential properties whereas back in 2010 the figure was 1.24 homes. This is a significant difference. Between 2007 and 2017 there has been a 33% rise in the number of landlords who are the owners of 10 or more investment residential properties. It is also interesting that back in 2010, 86% of landlords owned just the one investment residential property whereas this year the figure had dropped to 73%.
Rental income increased by an average of 1.6% to £954 per calendar month in Great Britain when comparing August of this year with August 2016. It was the South West that saw the largest increase in rental income between the above period with rents rising by an average of 4.7%.
There are still several million landlords here in the UK who are renting out several million homes to tenants. Some of those tenants will have been desperate to find suitable property to rent for themselves and/or their families. There is a shortage of properties available for rent here in the UK with demand outweighing supply. Let us hope that this changes in the short term.
It is to be hoped that landlords have had the sense to arrange suitable landlord insurance on the property and any fixtures and fittings and contents that they have provided for the use of the tenants. It is the responsibility of the tenants to arrange suitable insurance cover on their own personal belongings such as clothes, footwear and any other personal belongings.