It is helpful for landlords to know what other professionals in the industry are thinking. At Andrew Lees, we are more than happy to offer guidance, and we stay in touch with local landlords. When it comes to understanding what is happening in and around Bridgwater, we will ensure you make informed decisions.

However, we also stay in touch with what is happening across the country.

Goodlord recently surveyed 350 letting agents on the current state of the rental market in the United Kingdom. Some of the most pressing challenges and topics mentioned by agents include:

  • New regulations and the difficulties in complying with the increased level of regulation

  • New laws impacting landlords and their ability to manage rental property

  • COVID-19

More than 50% of respondents said they feel “very positive” regarding the future of their letting agency.

84% of respondents said they feel confident in their business having financial resources to continue trading for some time. Only 3% of respondents cited they didn’t know or were lacking in confidence about the future.

Covid-19 remains a major concern

It is no surprise the uncertainty surrounding COVID-19 causes concern. 47% of respondents said the “ongoing impact” of the pandemic is their leading concern.

Some telling findings from the study suggests:

  • Two-thirds of respondent’s state arrears have risen because of the pandemic

  • More than half of the arrears have risen by up to 10%

  • Six per cent of respondents say arrears have risen by at least one-third

  • Legislation and compliance issues are also a concern for agents

More than one-third of respondents to the Goodlord survey have cited “legislation and compliance” as a major concern.

Issues relating to check outs, managing property, compliance issues and void periods have all been listed by agents as concerning matters.

25% of respondents who said “pre-tenancy administration” is difficult are looking to reduce administration time in the rest of the year. This is a leading priority in the industry right now.

Are you utilising technology as a landlord?

More than 50% of respondents believe technology and automation will become more important in their business because of the COVID-19 pandemic. Around a fifth of respondents believe they will reduce the size of their workforce because of the pandemic.

Close to one third of respondents say they don’t intend to increase automation, but they will prioritise technology which assists remote working or which enables workforce reductions.

There are calls from leading industry professionals for more support in the letting sector.

Chris Norris is the Policy Director for the NRLA, and he said; “The best way to prevent repossessions is to tackle the root cause by ensuring tenants are able to pay their rent. Although landlords have been doing all they can to support tenants struggling to pay their rent because of the pandemic, it is not sustainable to expect rent arrears to build indefinitely with no hope of paying them off. “Once again the UK Government finds itself trailing behind the rest of the UK. It is time to deliver a similar scheme to support tenants and landlords in England.”

As an experienced letting agent serving the Bridgwater community, and many of the surrounding areas, we are here to help. We promise to stay in touch with the latest technology, helping our clients to achieve more, and we aim to support the local community as best we can. If there is anything, we can assist you with; please contact Andrew Lees Lettings today.