According to a recent report from the property portal Zoopla, there has been a significant rise in the number of private tenants using letting agents to find new accommodation.
Of the 6,000 people surveyed for the study almost half (48%) of tenants used a letting agent to source their rental property this year, which is up from the 36% recorded in the 2017 edition of the report.
The report also finds that 62% said that they expect to rent for at least the next three years, while 23% believe that they will rent a home indefinitely.
Meanwhile, the proportion of homeowners letting properties rose from just 2.4% in 2016 to 4.2% this year.
Zoopla’s study also reveals letting agents are concerned with regards to an expected drop in lettings revenue next year as they face the prospect of the tenant fees ban being introduced during 2019 and other concerns have arisen about the number of rental properties coming to market.
Charlie Bryant, the Managing Director of Zoopla’s Property Division, comments on the report: “It’s certainly a challenging time for lettings agents, with the ban on lettings fees looming. However, our research shows that demand for agents’ services and rented accommodation are strong, and that should come as a welcome boost.
“As the market becomes more regulated and complex, the letting agents that adopt a more consultative approach with both their landlord and their tenant clients, to help navigate them through, will gain an advantage.”
He insists: “Staying ahead of the changing market and new rules is becoming more important than ever, and those who do it best are set to thrive.”
The survey also shows that landlords’ biggest challenges are finding suitable tenants, ensuring that their tenants look after their properties and ensuring tenants pay their rent on time. Many confessed to struggling to keep up with increased regulation and have concerns about how future legislation will affect them.