Landlords feel the pinch in residential lettings
This article was brought to you by Rentman the premium property management system
Landlords are facing increasing problems resulting from the non-payment of rent, research has found.
A survey by market research firm BDRC has found that profitability is at its lowest ebb since it began its quarterly reporting in 2006, while levels of missed rent have reached their highest.
The survey found that 17 per cent of landlords had faced financial difficulty in the last quarter because a tenant had failed to pay their rent.
Lanlords are also loosing confidence in the buy-to-let sector, the survey found. This has no doubt been exacerbated by the credit crunch and the more recent buy-to-let mortgage debacle from Bradford & Bingley.
However, 44 per cent of the 500 landlords surveyed still showed some confidence in the market by claiming that property would be their main source of income in the future.
Meanwhile mortgage lender BM Solutions, responsible for approving the highest number of buy-to-let mortgages last year, has cut its product range from 20 to seven over the last four months.
Buy letting agent software that works