Landlord
We know there are many challenges facing landlords in Tooting right now. We have spoken with many local landlords, and we understand the key problems our clients face. If you are a Tooting landlord, and you need assistance or assurance, we are more than happy to assist you.
As well as staying in touch with the local market, we follow what is happening nationally. This ensures Bluestone Properties understands the key issues facing landlords across the country. If you want to remain informed of what is happening, please get in touch.
Stay in touch with rental market studies
350 letting agents were surveyed by Goodlord regarding the current state of the rental market in the United Kingdom. Some of the main concerns and topics mentioned by agents include:
New regulations and the difficulties in complying with the increased level of regulation
New laws impacting landlords and their ability to manage rental property
COVID-19
More than 50 percent of respondents said they feel “very positive” regarding the future of their letting agency.
And 84 percent of respondents felt more confident in their business having financial resources to continue trading for some time. Only 3 percent of respondents lacked confidence about the future.
Covid-19 remains a major concern
It is not a surprise about the uncertainty surrounding COVID-19 causes concern. The 47 percent of respondents were mainly concerned about “ongoing impact” of the pandemic.
Some telling findings from the study suggests:
Two-thirds of respondent’s state arrears have risen because of the pandemic
More than half of the arrears have risen by up to 10 percent
The 6 percent of respondents believed arrears have risen by at least one-third
Legislation and compliance issues are also a concern for agents
More than one-third of respondents to the survey of Goodlord cited the legislation and compliance as their major concern.
Issues relating to the managing property, check-outs, compliance issues and vacancy are the concerns of the estate agents. The 25 percent of the respondents said “pre-tenancy administration” is difficult and are looking to reduce administration time for the rest of the year.
Can automation help landlords?
More than 50 percent of respondents believe technology and automation will become more important in their business because of the COVID-19 pandemic. Around a fifth of respondents think of reducing the size of their workforce due to the pandemic.
Close to one third of respondents will prioritise technology as it enables them to reduce workforce and assist them in working remotely. But they don’t intend to increase automation.
There are calls for more support from leading industry professionals in the letting sector.
The Policy director of NRLA, Chris Norris said that the best way in preventing repossessions is by tackling the main cause by ensuring tenants are able to pay their rent. Although landlords have been supporting tenants who are struggling to pay their rents due to the pandemic, it is not sustainable to expect rent arrears with no hope of paying off the landlords.
We are letting and estate agents in south London. We can provide you with a wide range of properties for sale and rent, including apartments, houses, and flats. Please contact Bluestone Properties today by calling us on 0208 355 3405 or emailing us at info@bluestoneproperties.co.uk.
