Landlords Driving Good Practice In Rental Sector
At The Letting Line, we are pleased to say we have seen standards rise in the rental sector. There are many factors involved with this, but we know many landlords work hard to provide the best standard of service for their tenants.
Therefore, we believe landlords are driving the best practice in the rental sector.
Standards have improved in rental sector
Over the past 15 years, the percentage of private rental property classed as “decent” by Government standards, has moved from 52.2% to 76.7%.
A new study carried out by Paragon Bank suggests it is landlords who are driving the positive changes. It is estimated around £839m is spent each year on improving rental property before letting to tenants.
Paragon spoke to around 900 landlords, and uncovered a number of interesting findings:
77% of landlords invest in rental property after buying
The average spend on rental home improvements from landlords is £8,720 each
The most common work undertaken is general painting and maintenance, cited by 67% of respondents
The next most common work is electric or plumbing work, listed by 44% of respondents
37% of respondents say they have laid new flooring at their rental property
32% of landlords have installed a new kitchen or bathroom
24% of respondents have installed a new boiler
23% of landlords have upgraded the standard of windows at their rental property
The number of “decent” homes in 2006 was 1.4m, but it is now 3.6m. In the past 15 years, 1.4m buy-to-let mortgages have been approved.
Improvements in energy performance rating
The same study found there has been a 272% increase in PRS homes with an energy rating of C or above. There are 1.8m homes of this standard today.
Richard Rowntree, Paragon Bank Mortgages Managing Director of Mortgages, said: “Landlords typically will make significant improvements to a property before letting to tenants, helping to improve standards across the private rented sector. Landlords will of course benefit from this investment through capital appreciation, but it always results in better quality homes for tenants.”
“There is a clear correlation between buy-to-let investment and improving standards in the quality of private rental homes. Standards of property in the PRS have increased significantly over that period. Overall homes in the sector are newer, larger, warmer and more energy-efficient than they were 10 years ago and tenants have more choice.”
Richard continued by saying; “Whilst we recognise more needs to be done to improve standards since 2009 there are nearly three times the number of properties with an energy rating of C or above, a 100% increase in the number of homes built after 1990 and a substantial expansion in the types of property available to rent in the PRS.”
If you are looking for guidance or assistance in the Enfield rental market, we can help. At The Letting Line, we are a specialist letting and property management agent serving Enfield, Barnet, Potters Bar, Brookmans Park and surrounding areas.
We can arrange a free valuation for you, and if you are looking to contact us, please call us on 020 8342 1234.