New research from Zoopla shows that the number of tenants using letting agents to find a dwelling has risen from 36 per cent to 48 per cent over the 12 months leading to November.
Zoopla also reports that 62 per cent of renters asked anticipate renting for the next three years at least, with 23 per cent adding that they are likely to rent indefinitely.
However, despite this positive news for letting agents, 38 per cent believe that revenue from this source will fall in 2019, citing the incoming tenant fee ban and apprehension over rental property supply.
In contrast to this belief, the shows that that the proportion of homeowners letting out properties is at 4.2 per cent this year, a significant increase from the 2.4 per cent seen in 2016.
Returning to the subject of the tenant fee ban, 39 per cent of landlords who responded to Zoopla’s survey said that they struggle to keep up with changing regulation, and 36 per cent are concerned about how it may take shape in the future.
Zoopla managing director Charlie Bryant says: “It’s certainly a challenging time for lettings agents with the ban on lettings fees looming. However, our research shows that demand for agents’ services and rented accommodation are strong and that should come as a welcome boost.
“As the market becomes more regulated and complex, the lettings agents that adopt a more consultative approach with both their landlord and their tenant clients to help navigate them through will gain an advantage.”