Menu

What Landlords and Tenants really think

LETTINGS LIVE 2012

THE PROPERTY ACADEMY’S

LANDLORD AND TENANT SURVEY

Findings from the 5,500 responses returned to The Property Academy between 10th April and 11th May 2012, with 14.6% of the responses from London and 34% from South East (our location):

 

1.       How long have you been a landlord?

5 – 10 years 23%

3 – 5 years 22%

0 – 1 year 21%

 

2.       How old are you

60 – 69 22%

50 – 59 27%

40 – 49 24%

 

3.       How many rental properties do you have?

1 property 62%

2-5 properties 31%

6+ 7%

 

Out of the responses:

Tenant Find Only 14%

Rent Collection 15%

Full Management 52%

 

4.       What fee do you pay?

 

Tenant Find Service

Fee of 8% = 17%

Fee of 10% = 27%

 

Rent Collection Service

Fee of 10% = 29%

Fee of 12% = 12%

 

Fully Managed

Fee of 10% = 27%

Fee of 12% = 23%

Fee of 15% = 10%

 

5.       18% chose the agent who offered the cheapest fee, out of this 23% were in London

6.       82% did NOT chose the agent who offered the cheapest fee

7.       45% tried to negotiate on the fees, of which 63% were professional landlords

8.       88% did NOT chose the agent who offered the highest valuation

9.       Location:

46% have their rental property/ies within 15 miles of their own home

11% live 15-40 miles away

43% live over 40 miles away

 

10.   51% chose their agent because of their location

and

31% visited the agent’s office

29% visited the agent’s website

15% visited the agent’s office and the agent’s website

25% DID not visit either the agent’s office or their website

 

11.   41% only got one agent to value their house

35% got in 2 agents

20% got in 3 agents

3% got in 4 agents

1% got in more than 4 agents!

 

12.   65% were 1st time landlords

23% had rented a property previously

and

11% used the same agent as previously used

 

13.   87% of landlords wanted their property to be advertised on Rightmove

47% on Findaproperty

30% on Prime Location

27% on Zoopla

 

14.   The landlords were asked:

If you were happy with your current tenants and they wanted to renew the tenancy but AT THE SAME RENT

But…

A lettings agent offered to get you move in the current market, would you give notice to your tenant and get in a new tenant?

 

63% said they would stick with the tenant because they were happy with them

 

Of the landlords who said they could be persuaded to change tenants…

4% said they would want a rent increase of 5%

13% said they would want a rent increase of 10%

9% said they would want a rent increase of 15%

12% said they would want a rent increase of 20%

 

15.   The current primary concerns of the landlords are:

a.       Void periods 36%

b.      Damage to property 28%

c.       Rent arrears 17%

d.      Dilapidation 9%

 

16.   How likely would the landlords be to increase their portfolio this year?

 

9% highly likely                                18% possibly      34% unlikely      36% would not

 

And if we remove ‘accidental’ landlords from the equation (those landlords who only ever rented their property because it wouldn’t sell):

 

14% highly likely              26% possibly      37% unlikely      20% would not

 

 

17.   Tenants were asked if they felt ‘trapped’ into being tenants and would prefer to buy a property:

 

31% have no plans to buy            22% wish to buy in 3 years           27% wish to buy in 2-3 years

20% wish to buy in the coming year

 

 

18.   Asked if they would recommend their current agent:

Tenants 2012 said yes 60%           Landlords 2012 said yes 77%

 

 

In addition from a recent Rightmove study:

The UK now has 66% home ownership

France has 57%

and Germany has 47%

 

In 1980 12% of the population were in the Private Rented Sector

In 2005 still 12%

In 2011 increased up to 17%

Predicted to hit 20% by 2016 – that’s one in five people will be renting!

 

Rental prices are up by 7.2% over the last year in London and 5.2% average for the UK

 

61% of tenants expect rents to rise in the next year

 

85% of landlords use their lettings agent because

  • Good service & staff expertise
  • No void periods
  • Good tenants who stay for a long time
  • Competitive fees & value for money
  • Strong presence on Rightmove

 

1 in 3 landlords do NOT know other landlords

 

 

 

 

 

 

 

 

 

 

 

BlogArchive