New research from Endsleigh reveals that more than one in ten (14%) UK tenants are being hit by unexpected costs of £165.41 on average per person each year; with almost three-quarters (70%) of them not agreeing with the reasons for the charges given by their landlords.
The survey of over 2,000 tenants found tenants had been caught out by unexpected costs not covered by the landlord, for example boiler repairs, flood damage, and property maintenance.
Furthermore, the study uncovered that almost half (47%) 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%).
Endsleigh - one of the country’s leading insurance providers for landlords and young professionals – commissioned the research of over 2,000 tenants and 500 landlords to find out what really drives the rental market.
Almost half (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, 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.”
As part of the research, Endsleigh has created a digital ‘Exhibition of Oops’, a series of illustrations depicting some of the craziest deposit-busting damages to property. There are also top tips for Landlords, available on the Endsleigh blog, dedicated to offering helpful, simple advice to landlords. Endsleigh covers all types of landlords, see here for more information: while also providing contents insurance for tenants too. Go to Endsleigh and follow @Endsleigh for more information.
Note to editors
For over 25 years Endsleigh has been one of the leading insurance providers in the rental sector, with recent recognition from Moneywise as the winner of the Best Provider for Content Insurance Award.
Founded in 1965, insurance provider Endsleigh specialises in the student, professional and education markets.
Wholly owned by Zurich Insurance Group since 2007, today the company also offers a wide range of insurance products and solutions for both students, graduates and professionals, as well as being the preferred insurance supplier for a variety of trade unions and professional organisations.
Products include motor, home and travel insurance as well as business insurance through Endsleigh’s Business team and financial advice through the Endsleigh Financial Advice team. More information can be found here.
For further information, please contact:
James Deacon – FleishmanHillard Fishburn
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Martin Dyan – FleishmanHillard Fishburn
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Rachel Veevers – Endsleigh Insurance
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