Research by leading London letting agent Benham and Reeves has found that, on average, it costs landlords over £31,000 to evict a rogue tenant.
Falling victim of unscrupulous tenants can be a landlord’s worst nightmare. Dealing with the situation is not only time-consuming and stressful, it can also end up costing thousands of pounds.
Leading letting agent Benham & Reeves recently carried out a study to find out just how much it costs landlords to evict problem tenants.
The study shows that based on the UK’s average rent price of £679, the average cost of evicting a rogue tenant in the UK adds up to a whopping £31,886. This figure includes lost rent, estimated to cost around £6,111, redecorating and fixing up the property, at £22,775, and legal fees of £3,000.
On average, it found that the lengthy process also took around nine months to complete.
These costs shoot up even higher in areas where property is more expensive. The study found that the average cost to landlords in London is £41,318, whilst those in prime London locations like Kensington and Chelsea could be facing bills closer to £54,647 to evict a tenant.
Marc von Grundherr of Benham & Reeves said: “Rogue tenants are a landlord’s worst nightmare and apart from the stress and time consumed dealing with them, the financial impact can be crippling.”
Need help evicting a tenant quickly and cost-effectively?
At Debt Squared our eviction services can be used to evict tenants from either residential or commercial properties. We enlist the help of reputable solicitors for IPO applications, which are then served by our professional and experienced enforcement agents.
For free advice from our experts or to begin the eviction process today, give our team a call.