Half of letting agents consider quitting due to salary

agent handing keys

Over 50% of letting agents aren’t sure whether they want to work in the sector in five years time, Vouch’s State of the Lettings Industry report has revealed.

Money seems to be a key reason why, as the majority (60%) are unsure or think they aren’t paid fairly for their work, despite earning more than most UK workers.

Agents earn the most in London, at around £47,200 per year, though West Midlands agents are close behind at £46,700, North East agents earn the least, at an average of £33,800.

The mean average salary for UK workers was £33,402 in 2022.

Oli Sherlock, director of insurance at Goodlord, said: “Our recent State of the Lettings Industry report highlighted the wide range of pressures agents are under.

“This is a brilliant industry, full of opportunity, but it’s been a tumultuous few years, with new challenges on the horizon.”

Majority don’t see a long term future in lettings

When asked if they want to be working in the sector in five years time, only 48% of respondents said yes, 21% said no and 30% were unsure.

The longer an agent had worked in the industry, the more likely they were to say they wanted to remain in lettings.

Half (50%) of agents said that most days they feel stressed in their job and 62% agreed that their workload has increased in the past year.