Landlords resort to unregulated sites to avoid letting agents
New research by LetBritain has uncovered what it describes as frustration among UK landlords towards the current state of the country’s rental sector.
The survey of 2,000 UK adults revealed that 37% of landlords, equivalent to 647,500 property owners across the UK, feel that the current system is not fit for purpose despite the high rental demand seen within the market.
The research also uncovered that trust in letting agents is significantly strained by misinformation and unscrupulous practices. LetBritain’s study revealed that 23% of landlords have seen their property sit empty for an extended period of time while an agent was tasked with finding new tenants.
Furthermore, 595,000 UK landlords, 34%, said they would turn to risky online sites just to avoid the fees and delays associated with using a letting agent and this figure rises to 60% of landlords in London.
Fareed Nabir, founder and CEO of LetBritain, commented on the findings: ‘Today’s research presents a number of concerning insights into the difficulties faced by the UK’s vital landlord community. It is obvious that landlords up and down the country feel let down by the current property letting system and it is concerning to see that high procedural costs are causing landlords to take otherwise unnecessary risks.
‘Clearly a faster, more affordable and transparent system is required to support the market of 2017 for both landlords and tenants.’