Cardiff is the Third Most Expensive City to be a Landlord

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  Brighton ranks as the most expensive city in the UK to be a landlord, with landlords spending around £1,433 each year on maintaining their property. This is 36% higher than the average of £1,057
• Bristol, Cardiff and London follow amongst the most expensive cities to be a landlord, with Nottingham and Newcastle close behind 
• Whilst the most costly cause of damage to properties in the UK each year is vandalism (£545),  the most costly cause of damage in Cardiff is storm damage costing landlords an average of £574 annually. 

Cardiff is among one of the most expensive cities to be a landlord, with landlords spending an average of £1,157 a year on maintaining one property –  9% higher than the average of £1,057.

The study, conducted by landlord insurance experts at Towergate Insurance surveyed 1,000 UK landlords to explore the costs associated with maintaining and repairing a rental property, revealing what repairs are costing them the most.

Overall, the top 10 most expensive cities to be a landlord include: 

Rank	City	Annual Total Maintenance Cost (£)
1	Brighton	1,433
2	Bristol	1,224
3	Cardiff	1,157
4	London	1,149
5	Nottingham	1,137
6	Newcastle	1,135
7	Birmingham	1,106
8	Norwich	1,094
9	Glasgow	1,052
10	Sheffield	1,036

How much do landlords in Cardiff spend on repairing their rental properties? 

Overall, landlords in Cardiff spend an average of £1,157 on maintaining their properties each year – 9% higher than the average. The repairs that landlords in Cardiff are spending the most on are repairing appliances over £100 (£783), carpeting and flooring repairs (£623) and roof leaks (£615), respectively ranking first, second and third. 

Whilst the most costly cause of damage to properties in the UK each year is vandalism (£545),  the most costly cause of damage in Cardiff is storm damage (e.g. aerial and chimney damage) costing landlords an average of £574 annually. 

Tenant accidents (£571), leaks (£542) and mold and damp (£529) follow amongst the most costly causes of damage to landlords in Cardiff. 

How successful are DIY repairs by landlords in Cardiff? 

When dealing with property damage, nearly half (41%) of UK landlords surveyed have attempted to repair something in their rental property themselves. Of these, 35% of landlords regretted attempting to do so. 

In Cardiff, nearly half (47%) of landlords have attempted to repair something which required a professional. When asked why, 67% of landlords in Cardiff said this was due to time pressures, while 55% said it was due to money constraints. 37% of landlords in Cardiff claimed to regret attempting to fix something themselves, 6% higher than the UK average.

Maintaining a rental property comes with a number of inevitable costs, especially when repairs and replacements are needed after damage or general wear and tear. While DIY repairs may be okay for chipping paint or old carpet, they may not be as cost-effective as they first seem and paying for a professional tradesman can help you save money in the long run and avoid any extra costs when repairs are required.

Alison Wild, Head of SME Marketing, from Towergate Insurance, outlines the importance of having landlord insurance: “There is no legal requirement to obtain landlord insurance, however, it is a great way to avoid putting yourself at financial risk in the future, giving you peace of mind. Landlord insurance protects you as the property owner from financial losses connected to the rental, such as theft, fire, or weather damage and can be extended to include coverage for things like loss of rent.

There are a range of different landlord insurance policies, most of which include buildings insurance and property owners’ liability insurance but can be expanded to include policies such as contents insurance. Selecting the right policy is bespoke to you and your property, it is important to consider your location, the types of tenants and the content within your property when selecting the right coverage.”

More information on the research can be found, here: https://www.towergateinsurance.co.uk/landlords-insurance/the-cost-of-being-a-UK-landlord-2022/.