The lettings industry is in a state of flux, with legislative changes, evolving landlord sentiments, and the introduction of new regulations. As the "State of the Lettings Industry" report is poised for release on 12th September 2023, David Harris & Co, a premier letting agency in Finchley, London, breaks down the key insights for landlords and tenants.
The report will delve into:
Agents' perspectives on upcoming legislative changes.
Landlord considerations about downsizing their portfolios.
Industry sentiment regarding Energy Performance Certificates (EPCs).
Letting agents' outlook for the future.
Tenants' experiences amidst the current socio-economic crisis.
The Renters (Reform) Bill, introduced in May, has garnered mixed reactions:
54% of landlords are pessimistic (25% "very" and 29% "somewhat").
14% of landlords are optimistic.
Letting agents are divided: 43% are pessimistic, while 29% are optimistic.
The 2022 report highlighted concerns over the abolition of Section 21 ("no-fault" evictions):
70% of landlords in 2022 believed the Renters (Reform) Bill would be detrimental, but this decreased to 62% in 2023.
Landlords feeling neutral about the bill increased from 12% to 29%.
Optimism among letting agents decreased from 27% in 2022 to 11% in 2023 regarding the abolition of Section 21.
The introduction of a property ombudsman has been met with scepticism:
43% of landlords believe it will negatively impact the sector.
22% of landlords see it as a positive move.
42% of letting agents and 41% of industry suppliers are optimistic about the ombudsman's introduction.
Introduced in May, the Renters (Reform) Bill has stirred diverse opinions. While 54% of landlords lean towards pessimism, only 14% hold an optimistic view. Letting agents, too, are split, with 43% feeling pessimistic and 29% optimistic. This legislation, aiming to reshape tenant rights, has undeniably sparked debate, highlighting the need for expert guidance in navigating its implications.
The abolition of Section 21, which bans "no-fault" evictions, was a focal point of the 2022 report. Initially, 70% of landlords believed this would negatively impact the industry. However, by 2023, this number dropped to 62%, with a rising 29% remaining neutral. Interestingly, letting agents' optimism dwindled from 27% in 2022 to a mere 11% in 2023. These shifting perspectives underscore the industry's dynamic nature and the importance of staying informed.
The proposed introduction of a property ombudsman has garnered mixed reactions. While 43% of landlords anticipate a negative impact, 22% view it positively. In contrast, 42% of letting agents and 41% of industry suppliers express optimism. This new entity, aimed at ensuring fairness and transparency, is a testament to the industry's commitment to improving standards. Yet, its reception remains varied, emphasizing the value of expert insights.
In this ever-evolving landscape, David Harris & Co stands as a beacon for landlords and tenants in Finchley. Our expertise ensures that you're not only informed but also equipped to make the best decisions. Whether it's understanding the nuances of the Renters (Reform) Bill, gauging the implications of Section 21's abolition, or discerning the potential impact of a property ombudsman, our team is here to guide you.
The lettings industry is undergoing significant transformation. While change is inevitable, navigating it doesn't have to be daunting. With David Harris & Co by your side, you're ensured clarity, guidance, and a partner committed to your best interests. Reach out to us today, and let's chart a confident path forward in the world of lettings.
Tom Goodlord, managing director at Vouch, said: “After another rollercoaster ride of a year to date for the industry, this report is a deep dive into how people across the sector are truly feeling. We hope this brings valuable insights to a market which is moving at pace and facing a wide variety of challenges.”
We have assisted many Finchley homeowners connect with willing buyers, and we know where these groups are looking for property. You can take the stress out of connecting with your ideal buyer by turning to a local estate agent specialist in Finchley.
If you want to make an informed decision in and around Finchley’s property market, we are here for you. If you have any questions about the local market, or you need assistance, please contact David Harris & Co today. Call us on 0208 346 9122.
