Delayed repairs cost UK landlords £4.1billion a year
New research has revealed that almost a quarter of buy to let landlords blame delays by tenants informing them about maintenance issues in their homes, which inevitably results in more costly repairs further down the line.
Conducted by LV=, the study shows that the annual cost of essential maintenance comes to more than £2,360 per landlord; £4.1bn nationwide.
Some 39% of landlords say they rely on their tenants to tell them about maintenance issues in their property, with a quarter doing this without the help of a property management company to keep on top of problems.
Many renters admit to putting off fixing issues or not telling their landlord about them, with younger tenants most likely to do this.
A major factor in this lack of communication may be attitudes to home maintenance, as 37% of renters surveyed believing that maintenance work can wait unless it is an emergency, which of course could prove to be costly for landlords, as ignoring issues can lead to more serious, and more expensive problems, developing.
This is why The National Landlords Code of Excellence Ltd (NLCE) have launched a free Property Maintenance and Repair Report facility for private renting tenants, to help tackle the age-old problem of maintenance/repair issues. Click here to read all about it.