According to recent study published by Elite Homes and Property, more than half of private property owners have lost rental revenue as a result of the Covid-19 epidemic. A third of property owners said they were more inclined to exit the market or sell part of their properties. According to preliminary data from Elite Homes and Property’s study for the fourth quarter of 2020, 56 percent of respondents lost rental revenue because of the pandemic, with 12 percent losing more than 20 percent.

Total 22 percent of those who had lost rental income had lost more than £5,000, while 59 percent had lost more than £1,000, with 36 percent reporting that the losses are continuing to rise. According to the findings of a study done by Elite Homes and Property, 26 percent of respondents have lost non-rental income as a result of the epidemic, with 12 percent losing more than 20 percent. Total 41 percent of individuals who had lost non-rental income had lost more than £1,000, and 20% had lost more than $5,000.

Elite Homes and Property specialists said in response to the interim results. 

“Although most landlords have done everything, they can to support renters affected by the epidemic, we have now reached the end of what they can do,”

“By continuing to prohibit repossessions, tenants who are unable to pay their rent would accumulate additional debt, lowering their prospects of being able to repay it. More tenants will be at risk of losing their houses as a result of this.”

“Ministers must devise a comprehensive plan to maintain tenancies and aid the rental market’s recovery. This must include a financial package to allow renters to repay any arrears that have accrued as a direct result of the pandemic.”