London landlords yearly spend more than £5000 on maintenance.

 

Last year nearly 25 per cent of all London private landlords had to spend over £5000 on maintenance issues.

A global research and marketing consultancy held a Landlords’ Panel survey which highlighted nearly one in four private landlords in London spent this amount on property repairs and maintenance. The second highest annual cost was for insurance, of which 14 per cent of the landlords surveyed spent more than £2,000.

The consultancy's director Mark Long says: “There are a lot of costs associated with being a private landlord, not least maintenance, insurance and professional advice from accountants and solicitors.

 

"However our survey tells us that the market for private rental across London is strong and landlords feel positive about their prospects, so despite the costs, the market for letting property in the capital in London remains buoyant and profitable.”

They also reported that in spite of the annual costs 36 per cent of landlords in outer London and 48 per cent in central London made a full time profitable living from letting, the average across the UK  is 34 per cent.