There are 2 million ‘accidental landlords’ in the United Kingdom, who are set to foot £5.9 billion in avoidable repair expenses this year.
This is according to home assistance provider, HomeServe, who commissioned the survey and coined ‘accidental landlords’ to refer to this rapidly expanding group of people, who never intended to become landlords but found themselves in this unexpected position due to factors such as inheriting property or being unable to sell their own homes.
This discovery has raised questions about the lack of preventive measures and home maintenance know-how among this group of homeowners.
Contrary to the assumption of seamless property management, the study reveals that both intentional and accidental landlords find themselves inadvertently burdened with exorbitant repair expenses. For the one in six (16%) of UK homeowners also serving as landlords, nearly three in four (74%) have encountered urgent issues in their rental properties.
The most common problems include boiler issues (31%), heating problems (29%), and plumbing woes (28%). Leaks (27%) and electrical issues (22%) also rank prominently among the issues faced.
The survey indicates that almost two in three (64%) landlords feel confident in addressing these problems on their own. However, it’s noteworthy that ‘accidental landlords’ (54%) are less likely to feel self-assured than professional (71%). But regardless of their confidence level, nearly all (95%) landlords have incurred costs associated with fixing unexpected maintenance issues in the last year. On average, they spent £3,194 to resolve these issues in their rental properties.
Commenting on these concerning findings, Liam Sharkey, Service Excellence Coach at HomeServe remarked, “The staggering repair costs and lack of preventative measures unveiled by this survey underscore the urgent need for greater awareness and support for accidental landlords. Their challenges not only impact their finances but also have far-reaching implications for the broader housing market. We must address this issue to ensure a more secure and sustainable rental property landscape in the UK.”
This survey serves as a wake-up call to policymakers, industry professionals, and the broader public, emphasising the necessity of proactive measures to alleviate the financial strain on accidental landlords. For helpful accidental landlord advice, visit here. HomeServe’s essential guide covers top recommendations should you become an accidental landlord, from responsibilities to protecting your home from unwanted repairs.
