Optimism amongst letting agents has nosedived with concerns over the removal of Section 21, the introduction of periodic tenancies and allowing ‘pets in lets’ all causing concern for the future, research from Goodlord and Vouch has revealed.
The latest State of the Lettings Industry survey reports less than half of agents (42%) say they’re either ‘very optimistic’ or ‘somewhat optimistic’ about the future of the lettings industry compared to seven out of 10 agents in 2-21 and eight out of 10 agents in 2020.
However, only one in four (26%) say they’re pessimistic about the future of the lettings industry.
Letting agents are also feeling stressed out in the current climate, with 87% of respondents agreeing to some extent that “most days, I feel stressed in my job”. Ninety per cent said that their workload had increased in 2022.
Eight out of 10 (81%) of agents expressed concern about the impact the Renters’ Reform Bill could have on the private rented sector. One third (33%) of agents said they were ‘very concerned’ and nearly half (48%) of agents said they were ‘somewhat concerned’.
A raft of new legislation and a major economic crisis mean that the year ahead will be choppy.”
Abolishing Section 21 remains contentious, with almost a third (28%) of agents and over half (53%) of landlords expecting it to have a “major and negative impact” on the private rented sector (PRS).
PETS IN LETS
Four in 10 (40%) of agents expect the introduction of a single system of periodic tenancies to have a negative impact on the PRS. The same number also expect the new rules on allowing ‘pets in lets’ to have a negative impact on the sector.
Tom Mundy (pictured), Chief Operating Officer at Goodlord, says: “A raft of new legislation and a major economic crisis mean that the year ahead will be choppy.
“It’s clear from the data that tenants are concerned about their finances and landlords are also feeling uneasy.”
Go to Publisher: Proptech Archives – The Negotiator
Author: Robyn Hall