Over 60% of landlords are private individuals with limited building pathology knowledge and interest in protecting their investment. Landlords must comply with more than 140 pieces of legislation and over 400 regulations. Letting agents, many of whom are unregulated and untrained, often take on the responsibility for property management from the landlord. The Home (Fitness for Habitation) Bill received Parliamentary Royal Assent in 2018, requiring landlords to ensure their homes are fit for human habitation at the start of, and throughout, a tenancy. Landlords can face fines up to £30,000 per infringement of enforcement notices served by local authorities.
Key benefits include helping landlords and letting agents mitigate their responsibility in ensuring properties within the PRS health and safety standards are met, providing decent homes for tenants. Conducting a property condition survey protects the landlord’s investment by ensuring that the fabric of the building is maintained and defects are identified. It also demonstrates a “caring landlord” image, sending positive messages to tenants and helping to reduce complaints. Regular reviews of the property through a property condition survey highlight emerging issues that can be addressed early. Moreover, landlords can off-set the cost of the survey as a business expense, significantly reducing the financial impact. Early identification of defects results in lower repair costs compared to untreated issues.