UK tenants are being hit with unforeseen costs that are not being covered by their current landlord, according to a concerning new report.
The study from insurance providers Endsleigh shows that many are not insured against features such as boiler repairs, flood damage and property maintenance.
Costly
Data from the report shows that 14% of tenants face unexpected costs averaging £165.41 per year. 70% of these renters said they did not agree with the reasons for these charges.
The investigation of tenants also found:
- 47% are not expecting rises in rents
- 45% do not understand their responsibilities under tenancy agreements
- 83% are happy with their current landlord
41% of landlords questioned said that they would go the extra mile in order to keep hold of quality tenants. 28% stated that they would take on the increased costs of rental increases in order to keep reliable tenants in the property for longer.
Tenants being hit by uninsured landlords
Positivity
David Hadden, head of property at Endsleigh Insurance, acknowledges that, ‘although 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.’[1]
‘Inevitably, costs will continue to 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,’ he added.[1]
[1] http://www.propertywire.com/news/europe/uk-residential-tenants-costs-2016070712115.html