The Association of Residential Letting Agents (ARLA), has confirmed Property Agents are now managing more units this year and supply of rental accommodation was the highest on record in 2020.

On average, ARLA Members manage 203 lettings per branch.

Some Buy to Let Investors have sold their properties – an average 4-5% yet tenants experiencing rent hikes have fallen.  It is thought this is due to Coronavirus struggles.

How many tenants are looking for a new home?

In August 2020, the highest number of prospective tenants was reported searching for homes. Average for year was 86 compared to 69 in 2019.

Mark Hayward, the former chief executive stated rental markets remained resilient throughout despite market closures between March and May.  The prioritisation by Government for a functioning property market and implementation of stamp duty holiday have allowed for record breaking house sales and rental accommodation.

There is confidence in this continuing into 2021 but with a little anticipation of stamp duty end on 31st March.

Struggling to keep up with property legislation

With legislation changing all the time, we are not surprised some self managing landlords find it difficult to keep up and 2020 impacted this somewhat.

If you need a compliance review, some advice from a qualified property agent, looking to change property agent or switch letting agent and are looking for a fully managed service, get in touch – we can help!