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The vast majority of landlords in England, some 94%, operate as private individuals rather than as part of a company or organisation and on average earn £15,000 a year before tax and other deductions.
The latest Private Landlords Survey, published by the Ministry of Housing, Communities and Local Government (MHCLG), the first since 2010, also shows that for most landlords income from rent makes up 42% of their total gross income and only 4% rent property as their main business.
It gives an insight into different attitudes between landlords and letting agents. For example, landlords are less willing than agents to let to certain groups while agents are more likely to increase the rent for a new tenant that landlords.
While almost half of landlords, some 45%, own just one property, half of private rented sector tenancies are let by the 17% of landlords with five or more properties while a further 38% own between two and four properties, representing 31% of the sector.
It means that since 2010, the proportion of landlords with just one property has declined from 78% to 45% or from 40% to 21% of the sector. Meanwhile, the proportion of landlords with five or more properties increased from 5% to 17% or from 39% to 48% of the sector.
Learn Change and Adapt ?????
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I'm one of the 94% then. Last year's figures were the most disappointing yet, and the market is in the doldrums.I have two properties where good long-term tenants have quit. Those properties used to rent within a few days, but the LA has put them on the market in advance a month ago and not a snifter yet. I'm dropping the rent on one as some rent is better than none.
But I'm in this business for the long haul, so am not doing anything hasty like quitting.
I can see 2 rather large elephants in the room:
The survey randomly samples landlords and agents who are protecting a deposit in one of the three government approved tenancy deposit schemes. It surveys private landlords and letting agents in England.
Any survey is only as good as its source data. Of course, if the MHCLG would like to portray a certain outcome, selective sourcing of the data isn't difficult. Excluding all landlords who do not use a deposit scheme (whether legitimately or otherwise) and limiting the results to England (with the London/SE influence) will give a significant bias to the results.
DL, is there a prize for the correct answer?!
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Just a hug