The UK landlord community feel that the current rental market is not fit for purpose, and remains unsuited to a rapidly expanding buy to let sector.
37 per cent of British landlords feel let down by the country’s current rental system, and consider the UK rental market unfit for purpose. The research, from online letting agency LetBritain, found that 23 per cent of landlords are losing thousands of pounds in rental income, let down by letting agents who fail to secure new tenants.
Worryingly, 34 per cent of UK landlords, equating to 595,000 have said that they would turn to risky online sites in order to avoid the fees and delays associated with using a letting agent. This decision is likely encouraged by the fact that misinformation and rogue agents has led to many landlords being wary of letting agents in the first place.
23 per cent of landlords reported that their property has sat empty for an extended period of time while an agent is meant to be seeing tenants. Previous LetBritain research added that 40 per cent of UK renters find the marketplace to be ‘ruthless and unethical.’ This comes from agents allowing gazumping and ‘phantom properties’ to become increasingly common.
Fareed Nabir, founder and CEO of LetBritain, commented: ‘Today’s research presents a number of concerning insights into the difficulties faced by the Britain’s vital landlord community. It is obvious that landlords up and down the country feel let down by the current property letting system and it is concerning to see that high procedural costs are causing landlords to take otherwise unnecessary risks. Clearly a faster, more affordable and transparent system is required to support the market of 2017 for both landlords and tenants.’