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TODAY'S OTHER NEWS

Big rise in tenants sourcing properties through letting agents

The number of tenants saying they are using letting agents to find a place to live has increased 12 per cent in the past year claims Zoopla. 

It says 48 per cent of tenants used a letting agent to source accommodation this year, a significant uplift from the 36 per cent recorded last year. 

The portal says increasing demand for agents’ services will come as a welcome boost for the industry, which is concerned that revenues will fall as a result of the lettings fee ban due next year.

Some 38 per cent of agents canvassed by Zoopla believe their lettings revenue will drop in the next year, in part because of the fee ban but also over concerns about the number of rental properties coming to market.

As a result, 28 per cent of lettings agents plan to increase their use of technology over the next year, while 22 per cent say they will do more marketing.

Some 62 per cent of the 6,000 tenants surveyed by Zoopla said they expect to rent for at least the next three years. Of these, nearly one in four say they are likely to rent indefinitely.

Meanwhile, the proportion of home owners letting out properties rose from 2.4 per cent in 2016 to 4.2 per cent this year.

However, Zoopla’s research reveals that landlords are still facing a myriad of challenges in the current environment.

More than half of landlords surveyed say their biggest challenge is finding suitable tenants; the next biggest challenges for landlords are ensuring tenants look after the property and making sure they pay their rent on time.

Nearly four in 10 landlords say they struggle to keep up with increased regulation, while slightly more than a third are worried about how future legislation will affect them.    

“As the market becomes more regulated and complex, the lettings agents that adopt a more consultative approach with both their landlord and their tenant clients to help navigate them through will gain an advantage” says Charlie Bryant, managing director of Zoopla’s property division.

Poll: Are you finding more tenants source through agents, not directly with landlords?

PLACE YOUR VOTE BELOW

  • jeremy clarke

    I went to a property 3 weeks ago, landlord from S Africa over to renovate, almost finished. Agreed terms and advised re legislation and overseas etc. Seemed happy, terms left for signature appointment today to measure and photo as landlord dropped keys in over weekend. Call from neighbour to say that they have found a tenant themselves for the landlord, viewed it Thursday, moved in yesterday! Good luck with that then #references? RTR?gas record? ?deposit.
    When I met the landlord he hadn't a clue about the way it works in the UK, what made him & his neighbour experts overnight?? It will not end well.

  • S l
    • S l
    • 11 December 2018 14:49 PM

    i think end of the day, landlord just wanted tenants in soon as possible and pay rent on time,but legislation now makes it a criminal offence and when lots of landlord figure out what that means and how easy it is to get a criminal record over their own ignorance or being at the mercy of the council and tradesman, needless to say, most will leave prs to pursue their pension elsewhere.

  • icon

    After 2 weeks with agent nothing, put it on gumtree and had 12 enquiries in first 24 hrs

  • icon

    Use an agent that Always finds replacement tenant before current tenant moves out or I take over and find tenant, works so far, been doing it for over 30 years.

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