GFW Letting Experiences 13% increase in Managed Property Despite National Decline in Supply
GFW Letting, have experienced an increase of 13% in year-on-year managed property despite there being a decline on a national scale for the 20th successive month (June 2019: Residential Market Survey, RICS).
On a national scale, there has been a decline in landlord instructions in all regions aside from the North East, North West and Scotland. Discussing their increase in managed properties, Donna Cheney, Head of Lettings at GFW Letting said: “Over the past few years, the government have made a conscious effort to further regulate landlords leaving them feeling unconfident when navigating the complex and ever-changing legislation and regulation that surrounds them. 125 items of legislation and regulation were recorded in 2018 and if we look at the legislation and schemes that have been introduced since then, there has been:
- Tenant Fees Act
- Homes (Fitness for Human Habitation) Act
- Client Money Protection scheme
- HMO licensing extensions
- Minimum space standards
With further changes expected in 2020, we’ve certainly seen an increase in landlords seeking advice, ensuring they are fully compliant and aren’t putting themselves or their tenants at risk.”
GFW Letting are ARLA Propertymark regulated meaning that their members of staff are experienced and qualified property professionals; many landlords and tenants are unaware that the lettings industry is unregulated, meaning that effectively anyone can set up as a letting agency. As an ARLA Propertymark member, an agent must fulfil a number of corporate responsibilities, which in turn guarantees that landlords and tenants will always receive excellent service and professional advice.
Donna continued: “We must also take into account that other agents have not been able to continue trading due to massive changes in the industry. The Tenant Fee Ban hit some agents very hard; it has been grossly unfair on honest and reputable agents who charge legitimate fees for work that is conducted on behalf of tenants. Unlike many, we made the decision not to increase rents to compensate for lost income and to concentrate on further improving the quality of our service as well as looking to build on some of our newer services, such as block management. These decisions and our reputation as a team of local agents has allowed us to see continued growth throughout 2019. We have not seen any effect of the Brexit uncertainty in lettings, and with large employers in the region such as hospitals, universities and airports, we are confident that the lettings market will continue to thrive”
Despite an increase in managed property, there is still a considerable imbalance between tenant demand and available properties across the UK; if you are interested in GFW Letting’s fully compliant property management or block management service, please contact Donna Cheney on 0191 284 7171.