More than one in ten (14%) UK tenants are being hit by unexpected costs of £165 on average per each year, new research shows.
According to insurer Endsleigh, almost three-quarters (70%) of them don’t agree with the reasons for the charges given by their landlords.
The survey of over 2,000 tenants found they had been caught out by unexpected costs not covered by the landlord, ranging from boiler repairs to flood damage and property maintenance.
Almost half (47%) of those questioned were not expecting yearly rises in rent, worsened by a high confusion of the possible effects of the recent 3% surcharge on stamp duty (39%).
Meanwhile, 45% of British tenants are unaware of what is their responsibility when it comes to tenancy agreements, driving apart expectations between landlords and tenants across the country.
The study also sheds lights on the current relationship between tenants and landlords.
Despite possible grievances, more than three quarters (83%) of tenants surveyed said they were happy with their current landlord, whilst two-fifths (41%) of landlords say they would unreservedly “go the extra mile” to keep their tenants happy. Unknowingly to tenants, almost a third (28%) of landlords say they would absorb the cost of rental increases to keep reliable tenants in their property for a longer period.
David Hadden, head of property at Endsleigh Insurance, said: “Though the research could paint a picture of discontent in the worlds of both landlords and tenants, the positives far outweigh the worries. Noticing the number of landlords surveyed willing to go the extra mile for their tenants is reassuring to say the least, highlighting the fact that they are valued, and listened to.
“Inevitably, costs will continue to be held high on the tenants’ agenda, and though unexpected charges may occur in some cases, hearing that almost a third of landlords will absorb these is very encouraging.”
Loading ...