While the vast majority of letting agents and landlords believe that the private rented sector is fit for purpose, many would like to see legislative changes to better support the market.
A new survey of over 3,000 agents and landlords, carried out by the Property Redress Scheme, as part of its annual report for 2022, found that 76% of agents feel the private rented sector is fit for purpose and 72% of landlords feel the same. Their main reasons for this are it provides a regular income, and the current regulation protects landlords
Both agents and landlords feel the biggest challenges facing the private rented sector are legislation (agents 25%, landlords 39%), rent payments (agents 24%, landlords 21%) and property maintenance (agents 17%, landlords 14%)
Despite legislation being a big challenge, 83% of landlords that took part in the study are confident their compliant with current regulations.
The research also revealed that 50% of agents feel very or quite supported by the government and 24% feel neither supported or unsupported whereas 43% of landlords feel not very or not supported at all and 16% feel neither supported or unsupported.
Meanwhile, almost half – 48% – of all landlords feel the current legislation hinders them due to too many complex regulations, almost an equal number of landlords are against (31%) as they are for (30%) tenants with pets in their property.
Intriguingly, 80% of landlords envisage themselves still being a landlord in three years’ time
The Property Redress Scheme annual report 2022 covers a summary of what happened in the private rented sector last year and how this has impacted the complaints raised, resolutions and memberships of the Property Redress Scheme.
The PRS annual report 2022 also includes the results of the largest sentiment survey of the year, carried out across sector.
Key highlights from the report:
- Membership numbers rose by 6%
- Early resolutions awarded increased by 48% in 2022 to £353,053
- Over 2,000 complaints raised in 2022, an increase of 6.8 per cent
- Complaints were completed in less than 40 days in 2022, compared to 50 days in 2021
Sean Hooker, head of redress at the Property Redress Scheme, said: “The Property Redress Scheme has grown for the eighth year in a row, increasing our membership by six per cent from 2021.
“As of 2022, we are now the largest redress scheme in the UK. This is a reflection on the recognition and reputation of the scheme and shows we are established and respected in the sector.”
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