Snap spike in hire of Yorkshire house let agents

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The percentage of landlords across Yorkshire who use a letting agent to manage their rentals has seen a spike increase in the last few months.

It follows a UK wide trend which has seen six in ten (61 per cent) landlords say they currently use a letting agent to manage their properties, a rise of seven per cent since the last quarter of 2016.

The sudden rise represents a break from the norm as the proportion of landlords who use an agent has remained relatively consistent over the last few years, having only risen one per cent (from 53 per cent to 54 per cent) between 2014 and 2016.

In 2016, for Yorkshire and the Humber there were 58 per cent of landlords using an agent in quarter four.

By the end of quarter one this year that figure was at 64 per cent.

The research also shows the proportion of landlords who self-manage has decreased by nearly 10 per cent over the last year - falling from 46 per cent to 39 per cent.

The news comes as the recent changes to buy to let taxation, as well as the planned ban on charging fees to tenants, are expected to increase the strains on letting agents’ and landlords’ businesses in the coming months.

Richard Lambert, CEO at the National Landlords Association which carried out the survey among its members said: “As landlords plan ahead to compensate for the tax changes over the next few years we would expect to see the number who use an agent to slowly fall away, and for more to start considering whether they are able to manage their properties themselves.

“However, this sudden spike, which is completely out of step with recent trends, completely turns this theory on its head. “The big question is whether or not it’s a blip or if it will continue to rise”.

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