The lettings market is a key component of the real estate industry, and it has experienced significant changes in recent years. According to a recent report by Knight Frank, the global property consultancy, the lettings market is undergoing a transformation that is having a major impact on the industry.
The report found that the number of tenants in the UK has increased by 5.8% in the past year, with the number of landlords falling by 1.4%. This is due to a number of factors, including the introduction of new legislation, such as the Tenant Fees Act, which has made it more difficult for landlords to make a profit from renting out their properties.
In addition, the report found that there has been an increase in the number of tenants looking for longer-term tenancies. This is due to the fact that many tenants are now looking for stability and security in their rental arrangements. As a result, there has been an increase in the number of landlords offering longer-term contracts.
The report also found that the lettings market is becoming increasingly competitive, with more landlords competing for tenants. This has led to an increase in rental prices, as landlords are willing to offer more attractive terms in order to secure tenants.
Finally, the report found that the lettings market is becoming more professionalised, with landlords taking a more active role in managing their properties. This includes ensuring that their properties are well maintained and that they are compliant with all relevant regulations.
Overall, the report by Knight Frank highlights the significant changes that have taken place in the lettings market over the past year. These changes have had a major impact on the industry, and it is clear that landlords and tenants alike must be aware of these changes in order to ensure that they remain competitive and profitable.