Editor's note: This brief was summarised by The Property AI Team from a report by Property118. Read the original article for full details.
Landlords Face Major Losses from Poorly Maintained Rental Properties
Poor maintenance of rental properties could significantly reduce the value of landlords’ investments, according to new research reported by Property118. Data from Rushbrook reveals that landlords in London could see nearly £60,000 wiped off the value of their properties if they are not properly maintained.
The research also found that landlords across England could lose up to £30,172 from the value of the average buy-to-let property due to poor upkeep. Rushbrook analysed landlord-specific property values across each region of England to reach these figures.
These findings highlight the financial risks associated with neglecting property maintenance, which is particularly relevant for letting agents and inventory clerks responsible for overseeing property standards. Ensuring regular maintenance and accurate property inventories may help landlords protect the value of their investments.
Source: Property118