The biggest challenge for buy to let landlords is finding suitable tenants, according to a new survey.
More than half of landlords (56 per cent) told researchers from property portal Zoopla that they struggled to find good tenants.
A whisker behind were 55 per cent of landlords who said their second biggest concern was how their tenants looked after their property.
The portal also revealed that landlords have a host of other worries, including:
- Rents paid on time (47 per cent)
- Keeping up with growing regulation (39 per cent)
- Worries about future law changes (36 per cent)
- Generating enough rental profits (32 per cent)
- Tax relief restrictions on mortgage interest (24 per cent)
- Local rental values (20 per cent)
- Ban on tenant fees from 1st June (20 per cent)
- Tighter buy to let mortgage rules (17 per cent)
- Slowing property prices (17 per cent)
The report State of the Property Nation 2018 also disclosed only a shameful number of landlords admitted they were aware of recent law changes and how they would impact their property businesses.
- 37 per cent did not know mortgage interest tax relief was changing
- 31 per cent were unaware houses with five or more tenants sharing needed a licence
- 31 per cent had no idea renting out an energy inefficient property could result in a fine
Other legal issues that landlords need to find out more about include minimum room size regulations (25 per cent), the upcoming cap on deposits, the ban on tenant fees and giving a ‘how to rent ‘ guide to tenants (all 23 per cent), tighter mortgage financing rules (22 per cent), the ban on charging fees for card payments (15 per cent) and the national rogue landlord database (13 per cent).
“Most of the landlords who find the legislation changes a challenge are not planning to do anything in response. However, some are planning to leave the market, while others plan to move to a letting agent to help them manage their properties,” said the report.