September 2020 – What Landlords And Agents Are Facing

It is fair to say these are challenging times. At Just Lets Peterborough, we are working harder than ever to support local landlords. If you have any questions or would like to discuss your current circumstances, we are more than happy to assist as best we can.

In addition to supporting local landlords, we stay in touch with what is happening across the country. As you would expect, there is a lot of research work taking place in the rental market.

Knowing what other landlords and letting industry professionals are experiencing is helpful. If other people are achieving success, there is an opportunity to review what they are doing, and see if it can be replicated. If other landlords are struggling, it is helpful to know other professionals are in the same boat.

Also, if there are solutions to some of the more common problems, this provides an opportunity to resolve your issues.

The letting industry faces a number of strong challenges

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.

Unsurprisingly, Covid-19 remains a major concern

It is no surprise the uncertainty surrounding COVID-19 causes concern for landlords and agents. 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

Over 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.

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.”

If you are a landlord in or around Peterborough, and you need assistance in managing your rental property or dealing with the impact of COVID-19, we can help. We know these are challenging times for landlords, but there is a demand for rental property. When you need guidance in the local market, contact Just Lets Peterborough today, and we will be happy to help you.

You can find Just Lets Peterborough at 142 Oundle Road, Peterborough, Cambridgeshire, PE2 9PJ. Feel free to email us at peterborough@justlets.com or call us today on 01733 346255.