Rents up yet more landlords leave the market
Mary-Anne Bowring 16/08/2019
2435
Overview of Recent Reports on the Lettings Industry
This section introduces two new reports from ARLA and Goodlord, which provide insight into the current state of the lettings industry. It highlights key findings about rents, demand, and the impact of recent legislative changes like the Tenant Fees Act.
Rents at an All-Time High: What ARLA’s Findings Reveal
This part dives into ARLA’s findings, focusing on how rents have reached their highest-ever levels in June, alongside an increase in demand for rental properties. It also highlights the year-on-year increase in tenants facing rent hikes.
Challenges for Letting Agents: Decline in Managed Properties
Here, the blog explores the decline in properties under management as reported by ARLA, and the growing concerns about the future of the lettings market. It includes comments from ARLA's chief executive, David Cox, regarding the sector’s challenges due to the proposed abolition of Section 21 and rent control debates.
The Tenant Fees Act: Impact on Tenants and Landlords
This section elaborates on the Tenant Fees Act and its implications, particularly how it may shift the financial burden onto tenants. ARLA’s concerns about new rent increases replacing upfront fees are explored here.
Goodlord’s Survey: Agents’ Optimism Despite Challenges
Goodlord’s survey of letting agents offers a more positive outlook, revealing that many agents are optimistic and are planning to expand their portfolios. This section contrasts ARLA’s findings with the resilience and proactive strategies of agents.
The Rise of Proptech in the Lettings Sector
This part discusses the growing trend of Proptech adoption in the lettings industry. Over 80% of agents surveyed are turning to technology to ease the challenges they face, particularly around referencing and sourcing tenants. The section concludes with a look at how Proptech could shape the future of the industry.
Planetrent Properties
info@planetrent.co.uk
0208 0599 550 (for sales)
Under Offer: This term applies to a property where the landlord is considering an offer but remains on the market. It implies that further offers may still be considered until the landlord formally accepts or declines the current offer.
Let Agreed: This term indicates that a landlord has provisionally agreed to enter into a rental agreement with a prospective tenant, pending additional checks and referencing. It doesn't require the prospective tenant to have paid a holding deposit.
Let: This term signifies an established binding rental agreement between the landlord and tenant.
For both lettings and sales, the guidance addresses additional terms:
New On The Market: This term is used for a property not advertised since its last sale or rental. It should only be used for a brief period.
New Instruction: It applies to a property assigned to an agent for marketing recently, even if it was previously listed with another agent without being sold or rented.
New and Exclusive: This term refers to a property that is either new on the market or a new instruction, exclusively available through a specific agent or portal.
New Method of Sale/Let: This term is used when a property is being marketed for sale or rent using an alternative approach to the original advertisement, such as transitioning to an auction or sealed bid.
Reduced: This term indicates that a property's price has recently been reduced. The reduction should be genuine and comply with the Chartered Trading Standards Institute's guidelines on pricing practices.