publication date: Jun 18, 2010
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books
Kate Faulkner Summarises Lettings Market Trends at Lettings Live Awards
Kate Faulkner, one of the UK’s top property experts presented some startling facts, figures and trends on the UK lettings market, highlighting key trends that letting agents (landlords and tenants) could look forward to and ones they needed to be wary of. If you attended the event and would like a copy of Kate’s presentation, please email email@example.com
In summary, the key strengths for the lettings market was the fact that there had been a positive cultural shift in young people’s attitude to renting, such that according to research from Keynote, 19/20 16-19 year olds expected to rent in the private sector in the future. In fact, nearly one in two people under the age of 24 already do! Secondly, Kate was keen to point out the dangers to both landlords and tenants of not renting via a qualified and respectable lettings agent.
Kate Faulkner, Managing Director of Designs on Property stated “People seem to think that renting a home is easy. You just pitch up, say you like it hand over your money and it’s yours” says Kate. “This just isn’t how it works. No tenant has any excuse of renting from a rogue landlord if they ask three simple questions” continues Kate. The three questions are:-
1. Please can I see the Energy Performance Certificate
2. Can I have a copy of this year’s gas and electrical safety certificates?
3. Which of the three tenancy protection schemes will my/our deposit monies be placed in?
Any landlord or indeed unregulated letting agent that allows a property to rent without these three things is breaking the law. If they are not bothered about breaking the law, it’s also likely they won’t bother to fix a broken boiler, or worry about you if you get burgled and doors or windows are damaged in the process.
From a landlord’s perspective, handing over responsibility for a property can help save them from a jail sentence. “The laws of renting a property are so complicated now that trying to keep up with them ‘part time’ is virtually impossible” says Kate. Having analysed lots of letting agent charges, Kate worked out that one of the smallest and best value for money charges was often the management fee!
However, Kate did feel that agents could do much more to educate and market different pricing packages to different landlords. “Many landlords and tenants don’t appreciate how complicated lettings can be and that’s why there is usually a dispute or indeed can lead to a property being trashed by tenants and the landlord having no recourse or a tenant being chucked out of their home with no independent third party to protect them.”
For more about Kate’s trends in the lettings market and a copy of the presentation, sign up to the Designs on Property Newsletter by emailing your details to firstname.lastname@example.org. Please note Designs on Property is proud to have been awarded a ‘Constant Contact Star’ and we will NOT give away your details to any third party and you can, if you wish, leave our database when you choose.