A trade body has recently released new information on how badly Covid-19 has affected PRS landlords with the data revealing that 22% have made substantial losses of rental income during the coronavirus pandemic.

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The trade body states 19% of landlords that took part in the research had lost up to half of their rental income so far because of the pandemic, but 3% had incurred losses of more than half.

Further analysis carried out by the trade body reveals that landlords who were facing the possibilities of rental income losses due to Covid believe it could be between £751 and £1,000. If this is scaled up to all landlords with properties across England then total losses to the sector could be between £328m and £437m.

Unsurprisingly the survey found that 9% of landlords stated that they will sell up and leave the market as they have simply had enough and 7% said they will sell some of their portfolio in the next 12 months.

61% of the landlords from the survey have only one rental property and 34% had already retired and the income from the rental property is in effect their pension pot, the trade body says it is ridiculous to expect landlords of being able to carry on housing tenants who are not paying their rent for an indefinite period.

Possession cases will be starting next week (Sept 21st) and the trade body is urging the government to approve a financial package to help sustain tenancies that have slipped into rental arrears because of the pandemic.

The trade body demands that the government implements the same rules that Wales and Scotland have of interest free, government hardship loans to cover tenants’ rental arrears since March’s lockdown.

A spokesperson said: “Where COVID-19 has caused difficulties for tenants, the vast majority of landlords have reached agreements with them to avoid problems. That said, most landlords are not property tycoons and cannot be expected to go indefinitely without any or only part of the rent they are owed.

“To date, there has been no direct financial support for the rental market, with individual landlords unable to access small business grants or bounce back loans. The furlough scheme is due to end, benefits do not cover average rents in any given area and the mortgage deferral scheme only builds up the amount landlords have to pay for the remainder of the term of their mortgage.

“The Government needs to step in and ensure tenants and landlords in England have the same level of support being provided in Scotland and Wales to pay off rent arrears and sustain tenancies.”