Only 17% of tenants feel more supported by the Labour Government than they did under the Tories, despite the ambitions of the Renters’ Rights Bill, while the same number feel less supported.
Total Property’'s survey also reveals that 53% of the nearly 3,500 tenants, landlords and agents it quizzed feel that the sector is not fit for purpose.
This contrasts starkly with its 2022 survey, when 76% of agents and 72% of landlords thought it was fit for purpose, citing regular income and protective regulations as key reasons.
It found more than 58% of landlords and agents now question whether renting offers good value for money - a sharp decline from 2023 levels when 85% of landlords and 73% of agents felt that it did.
Rising rents were cited as the biggest challenge by 88% of tenants followed by a shortage of properties (49%).
Surprisingly, given the dominance of the threat of eviction and its impact on tenants’ lives in the media, only 17% of tenants cited this as one of the three biggest challenges.
Importantly, with the imminent introduction of Awaab’s Law in the private rented sector, 18% of tenants selected damp and mould as one of the biggest challenges they face.
While regulatory compliance remains the top challenge for landlords, at 34%, many are adjusting to anticipated changes, with more than half intending to stay in the sector long term.
The abolition of Section 21 remains overwhelmingly the top concern for 60% of landlords and 68% of agents, with both being least worried about the end to rental bidding wars.
However, awareness of the Bill is low with 23% of landlords and 14% of agents either not very or not at all aware of its provisions. Total Property says this highlights the need for both groups to familiarise themselves with the Bill so that they can prepare effectively. LandlordZONE is running a free, CPD accredited Renters’ Rights Bill course here.
Read the full findings from Total Property's survey here.
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