As Britain’s first Generation Rent spurs significant movement within the rental market, the cracks in the existing system are beginning to show. Exclusive and timely research by LetBritain has demonstrated the mass frustration that exists among the UK’s renters when it comes to securing a property – and this frustration is being directed at the country’s high street estate agents.
Based on an independent survey of over 2,000 UK adults, LetBritain’s Tenant Sentiment Index research was launched to investigate the experiences of the nation’s ever expanding number of renters within the existing model. The study revealed a nation frustrated by dishonest practices within the estate agency profession. As covered by The Spectator and the London Evening Standard, the research revealed that two fifths (40%) of UK renters – 7.21 million people – find the marketplace to be “ruthless and unethical”, with agents allowing gazumping and non-existent “phantom properties” to become far too commonplace.
By offering important insights into the consumer sentiments of a growing tenant population, the research gained the attention of a significant number of leading landlord and property publications. These include Landlord Today, Landlord News, Property Wire and Property Industry Eye. It’s clear that thought leaders within the sector are increasingly aware of the problems that exist within Britain’s rental system.
Over the past decade, innovative online solutions have changed the way people secure short-term holiday rentals, make payments and even finance the growth of a business. Whilst the current rental model has certainly evolved to improve connectivity between high street estate agents and a global rental market, a number of flaws have been exposed. As revealed by the research, central to the frustration of British tenants has been the continued reliance of the UK letting market on an archaic system of middlemen, who are widely considered to be untrustworthy.
If the UK’s rental market is to satisfy rising demand, with a greater need than ever for a swift turnaround between landlords and tenants, it is vital that the potential of more efficient and transparent solutions provided by online letting agents is fully harnessed.
Register as a landlord with LetBritain today to secure transparent, quick and cost-effective property rentals. Or, if you are a tenant looking for a new rental property, be sure to view the latest listings on our site.