LATEST: Letting agents report 10% of landlords leaving the sector

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Nearly a third of letting agents have seen 10% of their landlords quit the sector during the last year.

New findings from Goodlord and Vouch’s upcoming State of the Lettings Industry report reveal that 28% have lost a tenth of their landlords, while 67% expect more to leave in the coming year.

Agents have expressed concern about the state of the economy, with 80% worried about the impact of the upcoming recession and the cost-of-living crisis on the PRS. Many are predicting a rise in arrears, with 35% of agents expecting it to have a “major and negative” impact on tenants.

The report shows that two-thirds of agents (65%) struggled with a lack of stock in the past year. However, despite these fears being likely to dent confidence going forward, only 26% are currently pessimistic about the future of the lettings industry, while 43% are still feeling optimistic.

Serious concern

Tom Mundy, COO at Goodlord (pictured), says: “As the initial findings show, there are a range of things causing serious concern across the sector.

“Whilst the pace of lettings remains intense and the market buoyant, various macroeconomic and regulatory factors are cause for concern, although these are yet to materially dent optimism amongst agents, landlords and tenants.”

The full report, which includes the views of more than 2,600 agents, landlords and tenants, is set to be released on 13th September.

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