A new piece of research conducted by online letting agency LetBritain has uncovered some of the sentiments of UK landlords.
The findings from the report, which quizzed 2,000 UK adults, reveal 37% of British landlords feel let down by the country’s present rental system. Many have described the rental market as being unfit for purpose.
LetBritain claims that 23% of landlords are losing thousands of pounds in rental income as they are struggling to secure new tenants.
As such, 34% of UK landlords, roughly 595,000, said that they would look at risky websites to avoid fees and delays commonly attributed to using a letting agent.
What’s more, the research shows that trust in letting agents is being strained by both misinformation and unscrupulous behaviour.
Former research from LetBritain revealed that around two-fifths of current UK renters believe the marketplace to be ruthless and unethical.
In addition, recent figures show that the typical UK landlord faces an upfront cost around 10% of monthly rent + VAT, when looking to let a property. This is certainly concerning, with these significant costs being paid by landlords, combined with changing tax legislation, driving many from the sector.
At a time of low property supply, this is a substantial worry.
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.’