Brexit and the rise of the ‘holding-off-homeowning’ renter

Brexit and the rise of the ‘holding-off-homeowning’ renter

29 January 2019 | Harriet Garner

Brexit uncertainty has left the property sales market in a state of flux. Interestingly, however, some letting agents have a rather more positive outlook…

Letting agent, Jackson Stops recently reported a 62% uptick in rental applications in 2018. Much of this increase was attributed to many holding off on buying decisions until the impact of Brexit on the housing market becomes clearer.

This particular type of tenant represents a highly suitable prospect for paying rent on time and looking after a property. With rental property supply dwindling, competition is fierce amongst letting agents when it comes to winning new landlord instructions.

Being able to attract and retain this new type of tenant is a sure-fire way of convincing a landlord that you are the agent for them. In such uncertain times, providing rental income certainty is incredibly persuasive.

Jasmine, the recent winner of our December competition, belongs to this holding-off-homeowning category. We had a chat with her about the current state of the housing market;

‘I don’t feel like the government is coming up with long term solutions to fix the current housing crisis. One thing that is good news is that they are actually abolishing tenancy fees - I think that’s been a long time coming. The most frustrating thing is the way you get priced out by overseas investors or individuals buying up the second, third or fourth homes.’

‘I used to live and work in Hong Kong, and I have friends saying to me that they are planning on buying more property in London and I’m like please, give first-time buyers a chance!’

‘Obviously, it’s great that London is still seen as such a fantastic place for investment, but it would be good if first-time buyers had the opportunity as well!’

‘I’m hoping to buy but it all depends what pans out with Brexit. If the housing market was to crash, then it wouldn’t be a great time to make that kind of investment. That’s what’s good about renting it gives you the flexibility to hold off on the bigger decisions!’

To attract this new kind of renter, agents need to be building a service that provides a new kind of customer experience.

Our perks and engagement platforms are the simple and smart way to do just this. We enable our clients to give their renters access to exclusive money-saving discounts in exchange for business-critical feedback.

On a weekly basis, we positively engage our client’s renters on their behalf, making renters aware of the latest offers available to them.

We could do the same for you. Request a no-obligation demo.