In November 2022, HomeLet published our Market Survey, in which over 14,000 tenants and landlords provided their views and concerns for the future of the private rented sector (PRS).
As one of the largest providers of tenant referencing in the UK, we were able to survey a vast customer base, spanning across the country and covering a wide range of demographics.
We conducted the survey to help agents better understand their customers. We asked landlords and tenants about their recent experiences, biggest concerns and plans for the future – so, what can agents learn about landlords and tenants?
As one of the most informative surveys to come out of the industry in recent years, it offers letting agents valuable data and insights which will be extremely useful when planning for the year ahead and further into the future. Agents need to know the profile and intentions of their customers to be able to advise them, offer the required services and support, and market properties well.
The rental market is constantly evolving. Following a prolonged period of legislative uncertainty and various external factors affecting every party of the PRS, this is the case now more than ever, so agents must understand how landlords and tenants feel about the future of renting.
The survey, conducted by HomeLet with Dataloft, found that over three in every four renters feel that cost-of-living increases will have a moderate to significant impact on their ability to pay the rent. One in four renters rank this as their top concern in the next year, closely followed by worries about landlords increasing rent.
Landlords are also concerned about this - renters’ ability to pay rent was their top concern, ahead of the abolition of Section 21 notices and other taxation or legislative issues.
Andy Halstead, HomeLet CEO, commented on the data:
“Tenants are facing increasing pressures on all of their outgoings. Landlords know the pressure on tenants, but many landlords have to increase the rent because the cost they face is growing.
“It’s concerning that so many tenants are acutely affected by their ability to pay their rent, and we’re seeing increasing demand for insurance that protects rental payments.
“The rental market plays a critical role in satisfying the UK’s housing needs; there simply isn’t enough housing stock at the moment. Despite the pressures, property can be an excellent long-term investment, but we have seen some landlords choosing to exit the market, which only causes further strain on stock levels.
“The government’s commitment to legislation in the market through the Renters’ Reform Bill will provide the most significant change to rental law in a generation. However, it needs to strike the right balance; otherwise, we could see costs go up further for tenants at a time where the cost-of-living crisis worsens.”
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