HomeLatest NewsLetting Agents Report up to 25% Loss of Revenue Following Ban
Letting Agents Report up to 25% Loss of Revenue Following Ban
Posted on 03/09/2019 by Sulgrave Estates
Letting agents have told letting platform HomeLet that they face unprecedented headwinds at the moment including significant reductions in revenue following the fees ban.
The company’s Head of Sales Vicky Quinn-Campbell says she and her team surveyed the 4,000 letting agents who use its service and found the ‘overwhelming feedback’ was that they are facing an income gap of between 10% and 25% following the introduction of the tenant fees ban.
They also found that many of them are looking to reduce their let-only landlords and take on more managed properties to help plug the fee gap. Agents have also said the government’s courts closure programme and problems with tenants paying their rent on time are putting the private rental system under intense pressure.