Opportunity for landlords set to continue

According to property portal OntheMarket, The State of the Lettings Industry report by Goodlord and Vouch reveals the trend of high numbers of prospective tenants and lower supply of rental homes is set to continue. The in-depth survey covered responses from over 2,000 lettings agents, landlords and tenants across the UK.

The survey found that 78% of Letting agents saw higher demand from prospective tenants in the last year, and 58% observed a decrease in available properties. Various causes were attributed, such as the need for new landlords entering the industry, and current landlords maintaining smaller portfolios.

According to the results, the outlook for landlords appears profitable, with rental prices in England shown to have risen by an average of 10% in the last 12 months. The tenants surveyed stated that their income was secure, and that they were likely to remain in rented accommodation.

Landlords taking part in the survey were undeterred by changes to energy efficiency regulations. 20% were already working on improvements, with 19% planning them for 2024/5, and 20% content to make them by 2026.

Letting agents also displayed confidence in facing potential reforms, with 74% questioned certain that they could deal with them.

If you require up-to-date landlord advice and guidance on your buy-to-let, or you’re interested in becoming part of this key economic sector, please contact our Lettings Team on 01252 514000, or by email, here.