The lettings agency sector has been dealt another blow after a survey of 2,000 Brits discovered two fifths of the respondents thought the marketplace was “ruthless and unethical”.
The survey carried out by online lettings agency LetBritain also revealed over a third (37 per cent) felt their agent had misled them regarding the competition they faced by other potential renters, raising to over 60 per cent in London.
Fareed Nabir, founder and CEO of LetBritain, commented on the findings:
“It is obvious that renters up and down the country feel let down by their estate agent – from luring them in with properties that aren’t available to misleading potential tenants about the competition they face, the country’s rental population is suffering at the hands of questionable practices. Clearly a faster, fairer and more transparent system is required to alleviate the time and stress involved in securing a rental property.”
The survey also showed that 38 per cent of respondents believe their estate agent knowingly advertised phantom properties online, and almost a third (31 per cent) also stated their estate agent prioritised preferred relationships with other prospective tenants, making the waiting list an unfair system.
Almost two fifths (37 per cent) of those surveyed said agents cannot cope with the demand and speed of the market, with this rising to 50 per cent among Londoners.