As these are challenging times, we know the importance of staying in touch with what is happening. At Thomas Morris, we have branches across the country, and this helps us make informed decisions on what tenants’ face.
We also stay in touch with the latest market research and studies. If you are looking to make an informed decision on what is happening now, and what you should do next, we are here to assist you.
There is caution and optimism in the lettings market
Goodlord recently surveyed 350 letting agents on the current state of the rental market in the United Kingdom. Some of the most pressing challenges and topics mentioned by agents include:
New regulations and the difficulties in complying with the increased level of regulation
New laws impacting landlords and their ability to manage rental property
More than 50% of respondents said they feel “very positive” regarding the future of their letting agency.
84% of respondents said they feel confident in their business having financial resources to continue trading for some time. Only 3% of respondents cited they didn’t know or were lacking in confidence about the future.
Covid-19 remains a major concern
It is no surprise the uncertainty surrounding COVID-19 causes concern. 47% of respondents said the “ongoing impact” of the pandemic is their leading concern.
Some telling findings from the study suggests:
Two-thirds of respondent’s state arrears have risen because of the pandemic
More than half of the arrears have risen by up to 10%
Six per cent of respondents say arrears have risen by at least one-third
Legislation and compliance issues are also a concern for agents
More than one-third of respondents to the Goodlord survey have cited “legislation and compliance” as a major concern.
Issues relating to check outs, managing property, compliance issues and void periods have all been listed by agents as concerning matters. c25% of respondents who said “pre-tenancy administration” is difficult are looking to reduce administration time in the rest of the year. This is a leading priority in the industry right now.
There are calls from leading industry professionals for more support in the letting sector
Chris Norris is the Policy Director for the NRLA, and he said; “The best way to prevent repossessions is to tackle the root cause by ensuring tenants are able to pay their rent. Although landlords have been doing all they can to support tenants struggling to pay their rent because of the pandemic, it is not sustainable to expect rent arrears to build indefinitely with no hope of paying them off.”
“If you are a landlord, it is vital you stay in touch with what tenants are looking for”, said Thomas Morris Ramsey Branch Manager Joe Rattue. “We know the local rental market very well, and if you require any assistance, we are here to help, so please get in touch.”
If you are looking for help with any matter of the lettings market, it is best to speak to property professionals. You can book a sales or rental valuation appointment directly on line at a time and date of your choice by clicking here or alternatively or you can phone our Ramsey branch on 01487 814666.