information

We use cookies to give you the best possible experience online. By continuing to use our website, you agree to receiving our cookies on your web browser. Visit our cookie policy page to find out more and how to change your cookie settings.

skip to main content

Catch up with the latest press releases from LV=

Large green heart

Landlords spend £4.1 billion on essential maintenance each year

Press release: 10/12/2016

  • A quarter (24%) of landlords say delays by tenants informing them of issues have resulted in more costly repairs.
  • One in five (21%) renters admit to putting off fixing issues or telling their landlord about them in the last 12 months.
  • LV=’s ‘Home MOT’ interactive guide can help both landlords and their tenants manage their home maintenance.

According to new research from LV=, one in four (24%) landlords say delays by tenants informing them about maintenance issues in their homes have resulted in more costly repairs. The annual cost of essential maintenance comes to more than £2,360 per landlord – or £4.1 billion nationwide¹.

Two in five (39%) landlords say they rely on their tenants to tell them about maintenance issues in their property, and a quarter (25%) do this without the help of a property management company to keep on top of problems.

However, landlords should be aware of the potential risk in waiting for tenants to inform them of problems and not checking themselves. Many renters admit to putting off fixing issues or not telling their landlord about them, with younger tenants (aged between 18 and 34) most likely to do this².

A significant factor in this lack of communication may be attitudes to home maintenance, as nearly four in ten (37%) renters believe maintenance work can wait unless it’s an emergency. This can be costly for landlords, as ignoring issues can lead to more serious, and more expensive problems, developing.

To help landlords and tenants manage their home maintenance, LV= has created a Home MOT interactive tool, which allows users to explore a home, fixing the common issues they see. The tool sits alongside top tips and a calendar, which highlights problems to keep an eye on throughout the year, and can be found at www.lv.com/homeMOT.

Selwyn Fernandes, Managing Director of Home and Landlord Insurance at LV=, said: “Keeping up with home maintenance can be a tough and time-consuming job at the best of times, but it can be especially tricky for landlords and their tenants as there may be confusion about where the responsibility lies. Generally landlords handle structural repairs and any issues with water, heating or electrical systems, but renters may be expected to do minor repairs, so should check their contract if they aren’t sure.

“Our Home MOT guide is designed to help homeowners, landlords and tenants understand the most important maintenance tasks and provide advice on how to tackle them. It’s important to keep on top of maintenance, as ignoring problems in the home can lead to more serious issues developing, which could be costly in the long run.”


¹ According to data from HMRC (2016), there are 1.75 million landlords in the UK. The median average spent by landlords last year was £2,363.70, so across the UK landlords spent £4,136,475,000 on essential home maintenance.

² 21% of renters say they have either put off fixing or not told their landlord about maintenance issues in the last 12 months. This increases to 31% of renters aged 18-34.


For further information please contact:

Beth Hardwick, beth@thirdcity.co.uk, 020 3657 9778 / 07710 529953

Robyn Margetts, robyn.margetts@lv.com, 020 7634 4418 / 07342 056747

Information on tenant and landlord repair responsibilities can be found at Citizen’s Advice.


About LV=:

LV= employs over 6,000 people and serves over 5.8 million customers with a range of financial products. We are the UK’s largest friendly society and a leading financial mutual.

When we started in 1843 our goal was to give financial security to more than just a privileged few and for many decades we were most commonly associated with providing a method of saving to people of modest means. Today we follow a similar purpose, helping people to protect and provide for the things they love, although on a much larger scale and through a wide range of financial services including insurance, investment and retirement products. We are currently the UK’s number one brand for Insurance and Investments, according to the 2015 YouGov Brand Index Buzz Rankings.

We offer our services direct to consumers, as well as through IFAs and brokers, and through strategic partnerships with organisations including ASDA and Nationwide Building Society.

Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. LVFS is a member of the ABI, the AFM and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.