A new report to be released on Wednesday reveals that far from the pandemic building up arrears, it significantly reduced them.
A preview of the Goodlord and Vouch 'State of the Lettings Industry' report, reflects the views of 550 landlords and agents, and 1,700 tenants.
Compared to September 2020, when the last survey was conducted, the number of landlords and agents reporting an increase in arrears over the past year has halved from 64 to 32 per cent, with 14 per cent actually reporting a decrease in arrears.
Their responses paint a picture of the industry following an unprecedented 12 months as legislation, lockdowns and changing consumer behaviour kept the market in flux.
Only six per cent of the 1,750 tenants say they are concerned about the pandemic affecting their ability to pay rent. And the professionals are also feeling bullish on tenants’ ability to keep up with payments.
Lack of stock, however, is a major concern for agents in particular, with almost half of those surveyed citing that at least five per cent of their landlords have left the sector over the last 12 months. And a sizeable majority, 64 per cent, predict the landlord exodus to get worse.
The report will also reveal industry opinion on upcoming regulatory changes, sentiment on the impact technology is having on workforce numbers, as well as the proportion of agents who have unlocked new revenue streams.
Tom Mundy, Goodlord chief executive, comments: “We can see … that most renters are feeling financially secure and agents aren’t encountering the escalating levels of arrears seen a year ago. This is borne out by the latest statistics from our monthly rental indices, with rents heading up and voids dropping during 2021.
“Key challenges do remain, with lack of stock clearly a huge area of concern for most agents.”
Any landlord wanting to receive the full report can sign up for it here.
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