Landlord confidence hits all-time low
Landlord confidence across the country has reached an all-time low over prospects for their lettings business, research reveals.
The National Landlords' Association (NLA) says that just 28% of landlords say that their lettings business prospects are either 'good' or 'very good' for the next three months.
That's a big drop in confidence when 38% of landlords said that their prospects for the next quarter were 'good' when asked at the beginning of 2019.
The NLA says this move in confidence reflects the fall in profits that many landlords have seen in recent years.
Indeed, since 2015, 20% of landlords say profits have been reduced significantly which is when confidence levels were running at 67%.
Landlords are facing growing criticism from politicians
Now, the NLA says landlords are facing growing criticism from politicians with the Labour Party last week pointing at 'dodgy landlords' as being part of a 'corrupt system'.
The NLA's chief executive, Richard Lambert, said: "In our society, landlords play a vital role in providing homes for people but they are still portrayed commonly as being dodgy.
"This is an insult to the vast majority of landlords who are doing their best provide a home for couples young and old, families, students and people on benefits.
"Many landlords are questioning the viability of a letting business and politicians should back off and give landlords some respect."
Mr Lambert added that whoever takes power after the next election should consider the landlords' invaluable contribution to the country's housing supply.
One-in-three landlords use own cash to refurbish
Meanwhile, it's been revealed that one-in-three landlords are using their personal savings for funding refurbishment projects.
The research from InterBay Commercial also reveals that one-in-eight landlords have no idea of the types of finance available for helping to pay for refurbishment.
Landlords need educating over their refurbishment finance options
Now the firm says that landlords are in need of education over their refurbishment finance options after finding that a third of landlords use their personal savings help pay for these projects.
The firm's head of sales, Darrell Walker, said: "Refurbishment can be a great way for a landlord to increase their property's attractiveness and value but it's concerning so many are unaware of financing options when undertaking a project."
He added that there are a range of options available for refurbishment projects from bridging loans to remortgaging and these will help benefit the landlord and also their tenant.