Myth-busting the lettings market: What you need to know.
This week, I thought I’d give you some interesting statistics from the UK Lettings market. If you are planning to start (or already have) a lettings business, it’s useful to know the size of the market that you are working in.
According to figures recently published by Statista Research Dept. Over 35% of households in the UK rent property worth over £1.2 trillion. Firstly, over a third of the total housing market in the UK is a lot to step away from if you don’t offer a lettings service and secondly, there’s potentially huge sales fees available when landlords eventually want to sell.
In case you were tempted to think that there’s a shortage of landlords out there, over 4.7 million homes are privately rented with approximately 20,000 new buy to let mortgage approvals made by lenders every month.
It’s not always easy to find landlords, if it was easy, everyone would be doing it! Many advertise on sites like Gumtree, Facebook Marketplace and Openrent but before you go there, make sure you’ve asked everyone in your personal network if they are a landlord or know a landlord. If you don’t ask…