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Agents more pessimistic about the future

Letting agents are split on whether they feel positive about the future state of the industry, Goodlord’s State of the Industry Report has revealed.

A sizeable proportion (40%) said they felt either “pessimistic” or “very pessimistic” about the future of the lettings industry

Agents are now more negative than asked six months ago, when only 23% felt pessimistic about its future.

However a third (34%) still feel either “somewhat optimistic” or “very optimistic” about the future.

Tom Mundy, chief operating officer at Goodlord, said: “With revenues for 85% of agents hit by Tenant Fees Act, it’s no surprise that many are expressing concerns for the future.

“Whilst a significant proportion are currently pessimistic about the future of the industry, it’s heartening to see that a much greater proportion are optimistic about the agencies they work for.

“Despite this being a major period of transition for the whole industry, most are doing all they can to make the best of a tough climate.

“As we move towards the anniversary of the Act, we would hope to see the dust settle as more agencies adapt their business models to cope with the new market realities.”

More agents would also consider selling their agency than six months ago.

Some 13% said that they would “definitely” consider selling if the opportunity presented itself, up from 5% six months ago, with a further 26% said they would “probably” consider selling, up from 10%.