A recent survey by Endsleigh Insurance Services Limited found 79% of all landlords questioned estimated they spent between £200 and £1000 in property maintenance in a year, with nearly 40% of landlords saying they spent between £200 and £500 year.
This research, conducted to mark the announcement of a new partnership between Endsleigh, an independent intermediary specialising in the provision of insurance and financial products, and TrustMark, the Government-endorsed scheme for quality tradesmen, also showed that the trend of homeowners letting out their properties is not slowing down. Nearly 85% of the 1,500 UK landlords questioned would not consider themselves commercial landlords. Yet as the figures show, these landlords face more challenges than simply finding the right tenant – they often look to experts for help and support in maintaining their properties as many have day jobs or lack prior experience in the rental industry. The new partnership initiative will point landlords in the direction of reputable, expert tradespeople for all repair and maintenance needs in their rental properties.
‘It can be difficult to juggle everyday life while also managing a rental property,’ said Marcus Latchford, Lettings and Landlords Manager at Endsleigh. ‘Our research showed us that landlords can end up paying out substantially more than they need to for the maintenance and upkeep of their property if it’s not managed effectively. Endsleigh has been supporting landlords and tenants for 25 years and our partnership with TrustMark is a great example of how we continually grow our commitment.’
‘Not only can we offer landlords the chance to reduce their risk through thorough tenant referencing checks to ensure your potential tenants are suitable; or by offering insurance for events unique to landlords, but we can now recommend TrustMark to all landlords in order to raise awareness of using trusted and reliable tradespeople to ensure that they and their tenants are protected.’
The research highlighted a variety of reasons these non-commercial landlords had chosen to get into the rental industry, with 45% saying that they used to live in the property themselves, and either bought a new house and kept the old, moved in with partners, or moved abroad. While buy-to-let or rent-to-buy schemes have come under fire lately as housing prices soar, only 17% of the non-commercial landlords surveyed found themselves intentionally acting as landlords for financial reasons (either they rent-to-buy, rent-to-rent, or use the property as an investment for themselves or their family). Family was also a factor for many of these non-commercial landlords, with 15% citing a variety of family-related reasons for their move into the rental industry (for example, buying the property for a child or parents or as an investment for a child; or being left with a property after moving in with a relative or partner, or because they inherited).
‘People find themselves acting as landlords for a huge array of reasons nowadays – whether as an accident or as an investment – and often go into it without a clear understanding of the regular maintenance and upkeep rental properties need,” Liz Male, TrustMark chairman, said. “This new initiative will help signpost landlords to the best tradespeople out there – the reliable, expert tradesmen and women they can count on to do the work they can’t do themselves, or that they might not even know is necessary. All TrustMark-registered firms have had their trading records, customer service standards and their technical skills checked on the job, so landlords can have much greater confidence they’ll do quality work.’
One thing all landlords surveyed, no matter how they’d come into the property or if they were commercial or non-commercial landlords, could agree on was their advice to other landlords: over a quarter recommended doing your research before renting out a property (27%), and 20% advised running the rental property as a business.
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Notes to Editors
- Endsleigh interviewed 1,439 UK landlords via their database in March 2014. Data has been weighted to reflect the UK private rental sector.
- In 2014, the number of private landlords in the UK was estimated as 1.4 million by the National Landlords Association. www.landlords.co.uk
- TrustMark is the most comprehensive and reliable ‘find a tradesman’ scheme for all home repair and improvement work. It is
the only scheme which covers all trades and operates according to Government-endorsed standards.
- TrustMark offers the largest database of accredited tradespeople in the country with details of more than 21,000 licensed
trades with an easy to use UK wide postcode search facility.
- TrustMark tradespeople undergo more rigorous, independent expert checks than any other kitemark scheme. All TrustMark
firms’ technical skills have been independently checked through on-site inspections to ensure a high quality of workmanship
and trading practices.
- Furthermore, TrustMark requires qualified inspectors to do these visits, so that technical competence is checked as well as
business practices and customer satisfaction.
- TrustMark has the most comprehensive set of standards to date for its registered tradespeople, to give homeowners better
protection and peace of mind.
- TrustMark-registered firms are able to offer insurance backed warranties and deposit protection, as well as operating a user-
friendly complaints procedure.
- TrustMark is not an advertising directory or a website that sells leads. It is a registered social enterprise, operated under
licence from the Department for Business, Innovation and Skills (BIS). As a not-for-profit organisation it does not make
money from consumers.
Originally founded in 1965 to serve the student market, Endsleigh is an independent intermediary specialising in the provision of insurance and financial products for career people and is recognised as the leading insurance provider for students and their landlords.
The company has been working in the private rental sector for over 25 years, and offer landlords a comprehensive range of products including building and contents, legal expenses, loss of rent, home emergency, and blocks of flats. Endsleigh also offer a market leading tenant referencing service through our partnership with Experian, the global leader in consumer data.
The company offers a wide range of services including motor, home and travel insurance, along with business insurance through Endsleigh’s Business team and financial advice through the Endsleigh Financial Advice team. For further information about Landlord Insurance provided by Endsleigh or to get a personalised quote, visit www.endsleigh.co.uk/trustmark.
Endsleigh has recently launched a brand new online resource centre for landlords and lettings agents ‘Talk Lettings’. The information hub provides useful, up-to-the-minute information surrounding the industry, written by Endsleigh’s Letting experts and professional partners. For more information, visit www.endsleigh.co.uk/talklettings/.