For an eternity now landlords have been vilified or just about tolerated as a necessary part of the private rental market.
But this is not fair. While a small minority CAN be classed as 'rogue' landlords who care little about their tenants or properties, the vast majority do their best to provide reasonable accommodation, keep to the letter of the law and create an investment that will, one day, make them some money.
One thing's for sure; there are a lot of them. There are estimated to be 1.5 million landlords1 in the UK as well as 10 million tenants (in England) 2 and 20,000 letting agent branches3. Here's our Q&A session with a landlord in London to see how an 'average' buy to let investor thinks of today's property world.
Name
Stuart Lloyd
How old are you?
Cheeky - I'm a 50-something. That's all you're getting.
Where are your properties?
In South London - they're all apartments, but some are in former council-owned towers while others are within purpose-built Victorian properties.
How many properties do you have?
Five
Why did you get into buy-to-let?
Many years ago I owned a flat but then I was posted abroad to work and I had to rent it out to pay the mortgage. It all started from there.
What do you like and dislike about being a landlord?
It’s really frustrating when things break within a property, and it’s really painful when you can’t find anyone to rent your property but you’ve still got to pay the mortgage.
Do you target a specific type of tenant with your properties such as students, corporate, families, sharers, etc?
Above all I am after steady types, and the ones who give me the least hassle are usually professional couples.
Do you directly manage your properties or use an agent - whichever you do, why that choice?
I manage them direct – in my experience letting agencies seem to charge a lot, but deliver little.
What do you think about the recent reductions in the tax relief allowed for mortgage interest payments, and do they affect you?
Yes, they do but it’s fair enough. Homeowners don’t get tax relief [on their mortgage payments] any more so why should landlords?
Do you think tenants should be given a leg-up to being able to buy their own home?
Sorry, no.
If you were to start over again as a landlord, what would you do different?
I would have probably bought more properties and sooner.
What do you do in your spare time?
I'm a keen road cyclist
Sources
1. National Landlords Association website.
2. English Housing Survey 2017/8, Census 2011.
3. Rightmove 2017 Full Year Results, 2018.
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Remember the information provided in this article is for information purposes only and should not be considered as advice.
