New research of 2,000 UK adults has uncovered the sentiments within the UK’s rental market.
The investigation from online estate agent LetBritain reveals that 40% of UK renters-or 7.21 million people-called the marketplace ‘ruthless and unethical.’
Main reasons for concern included gazumping.
Fit for purpose
37% of those asked said that the current rental system is unfit for purpose, as it simply cannot meet the demand and speed of the market. This figure rises to 50% in London.
In addition, 37% of renters feel that they have been misled by an estate agent regarding the competition that they face from competitors. 61% of Londoners said that they felt their estate agent was guilty of this.
What’s more, 38% of renters asked said that they believe they were knowingly advertised properties that were not actually available. 31% said that they lost out on a property due to their estate agent favouring another would-be tenant!
Given that there are roughly 4.3m rental households in the UK, the report indicates that a large number of people are becoming disillusioned by the sector.
Fareed Nabir, founder and CEO of LetBritain, commented: ‘Today’s research delivers some revealing insights into the opinions of generation rent. It is obvious that renters up and down the country feel let down by their estate agent – from luring them in with properties that aren’t available to misleading potential tenants about the competition they face, the country’s rental population is suffering at the hands of questionable practices. Clearly a faster, fairer and more transparent system is required to alleviate the time and stress involved in securing a rental property.’