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Agents
Positive about the Future of Lettings
Released 8th
February 2010 Letting
agents are more optimistic about the future of the market than they were almost
a year ago despite the continued lack of financing for buy-to-let mortgages, according
to HomeLet. HomeLet,
the market-leading tenant referencing and specialist insurance provider to the
lettings industry, conducted an independent customer satisfaction survey in December
2009 which revealed that 98% of agents expect the lettings market to stay the
same, grow or grow substantially in the next 12 months. This is up by 12% on January
2009. This
figure reflects the results of recent research by ARLA
which revealed that the surplus of rental property is reducing, while demand for
properties is rising. According
to ARLA, this shift has generated a wave of reluctant tenants. During Q4 2009
41% of members reported that there were more tenants than properties - compared
with just 24% in Q3 2009. In addition, ARLA
research among landlords revealed that 54% of those asked felt that consumers
were being forced to rent rather than buy. The
rise in tenants and the downturn in supply is likely to result in rental price
growth which is a positive sign for the lettings industry. Managing
Director of HomeLet
John Boyle said: "Demand for rental properties will remain strong over the next
few years as first-time buyers continue to find it difficult to obtain mortgage
finance." "Confidence
in the buy-to-let market is also likely to be buoyed by figures released by LSL
Property Services which showed gains of 7.6% in the private rental sector over
the last 12 months, and a gradual increase in buy-to-let lending as the year progresses."
The HomeLet
survey of its approved agents also produced some positive results surrounding
customer perceptions, with 80% of respondents saying HomeLet delivers good customer
service. Meanwhile
69% of the agents think HomeLet is innovative, which is a 27% increase and reflects
the work HomeLet has been doing to reinvigorate its products and processes. Encouragingly
91% of agents surveyed said they are still likely to be a HomeLet
customer in a years' time and 88% would recommend the tenant referencing and specialist
insurance provider to another agent. Commenting
on these results, John said: "This survey has thrown up some really promising
results for our business and the industry as a whole. "It
shows our customers think HomeLet
is innovative, provides good customer service and communicates effectively with
its customers, it also reaffirms what we think HomeLet has to offer the marketplace.
We're always striving to improve and deliver an exceptional level if service to
our network of dedicated professional letting agents.". Notes
about this news release: -
HomeLet is the UK's largest tenant referencing, Rent Guarantee and specialist
insurance provider for the lettings industry and has around 3,000 approved letting
agents nationwide.
-
HomeLet pays out an average of £3m in Rent Guarantee claims every year and is
a main sponsor of the Estate Agent and Letting Agent of the Year Awards 2010 and
ARLA
2010 Conference and Exhibition.
-
The HomeLet
Customer Satisfaction Survey was carried out by Progressive which is one of the
largest independent market and social research agencies in Scotland. Progressive
was appointed to undertake the first-wave customer satisfaction research in January
2009. As a result of the research, HomeLet implemented a number of new products
and initiatives and repeated the survey almost 12 months later to determine what
impact they had had on customer satisfaction and perceptions of HomeLet.
HomeLet is a trading
name of Barbon Insurance Group Limited which is authorised and regulated by the
Financial Services Authority. Registered in England number 3135797. Registered
office address: 4-9 Highview, High Street, Bordon, Hampshire GU35 0AX.
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See
also
HomeLet
(Group) Press Information: HomeLet
Insurance launch new forum for letting agents - June 2010 HomeLet
and Martin & Co offer new cover for Landlords - June 2010
There
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HomeLet
sponsors Bloom Apprenticeship Academy for Estate and Letting Agents - June 2010 Do
landlords really need specialist insurance? - June 2010 Rent
Guarantee claim a landlord's experience - June 2010 HomeLet
Insurance update - June 2010 The
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Shapps appointed as new Housing Minister - May 2010 Pinkerton
Murray Strikes Gold - May 2010
Students to get Extra Protection from Crime via HomeLet
Insurance - May 2010
Rising
Rents Pose Potential Risk for Landlords in the UK - April 2010 HomeLet
insurance run for charirty - March 2010 HomeLet
Launches £500 Prize Draw for Landlords - March 2010 Rental
Increases could see a reversal of Fortune says HomeLet Managing Director - March
2010 HomeLet
offers More Benefits for Premier Customers - March 2010 Agents
Positive about the Future of Lettings - February 2010 Cold
Snap Could Prove Costly for Landlords says HomeLet Insurance - January 2010 HomeLet
Launch New Range of Landlord's Insurance - December 2009 HomeLet
Insurance offers service guarantee to Letsense Agents - December 2009
HomeLet
to launch innovative new insurance policy product - December 2009 Demand
for HomeLet insurance doubles - October 2009 HomeLet
releases a new Tenant's contents insurance product available via jml insurance
- HomeLet rental insurance have cut the cost of tenants insurance from the 19th
June 09 with a new policy that is available via jml insurance - June 2009 Barbon
Insurance has acquired Zennor Ltd - April 2009 Tenants
should Insure against recession related crime - February 2009 New
Managing Director for Letsure- Barbon Insurance Group has announced the appointment
of Ian Fraser as Managing Director - January 2009
New
Chief Executive for Barbon Insurance - September 2008 Barbon
Insurance Reveals Latest Financial Results - September 2008 EIS
Completes Rebranding Exercise to Become Barbon Insurance Limited -August 2008 jml
Insurance are very pleased that HomeLet and Letsure are now under the Barbon Insurance
Group umbrella - August 2008 Martin
& Co announces three year deal with HomeLet - July 2008 HomeLet
staff gain promotions - June 2008 New
Customer relations manager for EIS Insurance Solutions - June 2008 EIS
sale completed - New and stable long term ownership - April 2008
EIS
separates from Erinaceous Group - New and stable ownership - April 2008 Erinaceous
placed in administration - April 2008 jml
Insurance will now be introducing Homelet Landlord & Tenant insurance instead
of Letsure - March 2008 Erinaceous
puts insurance division up for sale - January - February 2008 Brian
Turney has left Lumley Letsure - June 2007 Erinaceous
Group Plc Opens Property Management Office in Dublin, Ireland - May 2007 HomeLet
IPEX -Landlords set for buy-to-let revolution as new scheme launched - March 2007 HomeLet
Rental insurance launch Portfolio Insurance from 10th July 2006 in the UK Letsure
has a new Glasgow offices December 2005 HomeLet
launches new low cost option landlord’s protection - July 2003
Also:
HomeLet Landlord & Tenant Insurance Sponsors Negotiator Award The 2008 awards
from The Negotiator Magazine took place at the London Hilton on the 11th November
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