The current state of the housing market has lead to an increased number of properties placed on the market for rent.
The Telegraph has recently reported that due to the drop in house sales and a general loss of confidence in the market, potential sellers have resorted to renting in order to move elsewhere.
Of course, as Vincenzo Rampula of the National Landlord’s Association has pointed out, many of these “reluctant landlords” are unaware of the vast responsibility that letting entails. Rampula states that ‘homeowners should recognise that being a landlord comes with responsibilities and legal duties. They have to make sure they are not in breach of their mortgage by renting the property’.
With the Energy Performance Certificate soon to be instated and various other legal obligations towards tenants, it may become increasingly expensive to become a landlord in a time when credit is harder to obtain.
If you are a landlord, or are thinking of letting out a property you own, it is important to purchase landlord insurance to provide the right level of protection for yourself and your property.
