A quarter of landlords have been letting for less than five years, according to recent research by the National Landlords Association (NLA), which has prompted the finding to issue a reminder to landlords of the importance of understanding their obligations to tenants. These obligations include deposits, maintaining property safety standards, providing required documentation, and respecting tenants’ rights.
The NLA research found that 27% per cent of landlords have been letting for less than five years, with 14% letting for just two years. One in five (21%) landlords have been letting between six to ten years, and just over half (52%) have been letting for more than ten years.
The figures correlate with the NLA’s recent findings that the proportion of part-time or ‘amateur’ landlords is now at its highest ever level, comprising 70% of the sector.
With this in mind, the NLA is reminding all landlords of their obligations toward their tenants and the importance of ensuring good standards within the private rented sector are maintained.
“Landlords should make sure they educate themselves as to what is expected of them, legally and professionally, especially if they plan to manage the properties themselves,” explained Richard Lambert, Chief Executive Officer of the NLA. “Not knowing your obligations as a landlord could result in serious problems, financial as well as legal. A tenant should be safe and comfortable in their home and ignorance is no excuse.”
“In order to ensure good standards in the sector, anyone who is thinking of becoming a landlord should do their research first and make sure they continually keep up-to-date with legislation and good standards of practice,” he added.
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