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Lettings Update from James Sutton, Area Letting Director

February 23rd 2019
By: Melanie
Lettings Update from James Sutton, Area Letting Director

This is a year that will undoubtedly offer a changing landscape within the industry. Landlords will justifiably feel much of this change has been aimed in their direction. Likewise, many of us within the industry ourselves bemoan these changes.

However, the lettings industry has come a long way in a short space of time given it was not that long ago that common practice was a private arrangement between landlord and tenant supported by a DIY tenancy agreement. Compare this to the selling and buying industry where buyers and sellers wouldn’t dream of not employing a property expert and appointing a legal representative to leave "no stone unturned" before entering into a transaction.

The continued introduction of new legislation alongside existing compliance can feel like a burden for too many landlords. Correct advice and assistance will ultimately help create a higher quality and safer housing stock. This, in turn, attracts a better rental and much more secure tenancy with landlords and tenants alike better protected than before. 2018 statistics from Homelets Survey show rental increases in 9 out of 12 regions across the UK and these range from 0.4% to 4.4%. Overall they report average rents to have increased by 1.5% when compared to the same month the previous year. The average monthly rental according to this report now sits at £763 per month if you exclude London which has an average at £1596.