More than 50 per cent of private landlords have lost rental income as a result of the pandemic says new research.
A third of landlords have also indicated they were now more likely to either leave the market entirely or sell some properties.
The National Residential Landlords Association’s survey for the fourth quarter of last year found 56 per cent had lost rental income, with 12 per cent having lost more than 20 per cent of that income.
Of those who lost income, 22 per cent lost over £5,000 and 59 per cent lost in excess of £1,000. Meanwhile 36 per cent said their losses were still increasing.
Of those losing non-rental income as well, 41 per cent lost over £1,000 and 20 per cent losing over £5,000.
Responding to the interim results, NRLA chief executive Ben Beadle says: “Although most landlords have done everything they can to help tenants affected as a result of the pandemic, we have now reached the end of what they are able to do.
“Simply continuing to ban repossessions just means that tenants struggling to pay their rent are accumulating more debt reducing the chances that they will be able to pay it off. This ultimately will put more renters at risk of losing their homes.
“Ministers need to develop a proper plan to sustain tenancies and help the rental market recover. This needs to include a financial package to enable tenants to pay off any arrears built as a direct result of the pandemic.”