New research by Goodlord shows that agents’ confidence in handling the upcoming reforms appears stronger on paper than in practice.
While the majority of letting agents (89%) say they feel prepared for the upcoming changes, deeper analysis reveals a more mixed picture.
The findings show that only 61% of agents feel prepared to manage eviction processes, one of the most significant operational changes expected under the upcoming legislation.
According to Goodlord, the gap between perceived readiness and practical capacity has been highlighted as a major area of concern within the private rented sector, with potential implications for businesses as well as landlords and tenants.
Additional information from a recent snap poll of agency leaders Goodlord Leaders Forum found that a third (33%) of respondents in central London believe Tenant Rights Act Their business will be negatively impacted, while 18% said they do not expect to still be working for hire after five years.
“Although confidence levels appear high on the surface, the gap between perceived readiness and operational capability – particularly around complex areas such as evictions – highlights the clear need for more support,” said Tom Goodman, managing director of Goodlord.
The major survey also found that 82% of homeowners expressed concern about the impact of the upcoming legislation, while 44% were “very concerned”.
The findings show this will have real consequences on the market: three quarters of landlords surveyed (75%) said they were less likely to grow their portfolio due to regulation, with half (49%) planning to sell or reduce their market share within the next twelve months. Widespread estimates suggest that more than 200,000 properties could disappear from the rental market by the end of this year.
Landlords and agents aren’t the only ones unsure about the new rules. According to statistics, only 18% of tenants feel completely confident in their new rights as a tenant. 38% say better information about RRAs would improve their rental experience. Agents and landlords have an important role in ensuring tenants are informed.
Goodman added: “A very small proportion of tenants are prepared to adopt the new system. This highlights a significant challenge for the PRS.
“Rights alone do not improve outcomes. The RRA can only be effective if it is understood, communicated and implemented by all stakeholders in the PRS, including the tenants it was conceived to protect.”
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