Nearly a quarter, or over 400,000, British landlords have lost income because letting agents failed to find new tenants, according to a research by property agency LetBritain.
The research among 2,000 UK adults also found that 595,000 UK landlords (34 per cent) said they would turn to online sites just to avoid the fees and delays associated with using a letting agent.
Nearly 40 per cent of British landlords consider the system unsuited to a rapid and demanding rental market, LetBritain said.
Meanwhile, two fifths (40 per cent) of UK renters find the marketplace to be “ruthless and unethical”, with agents allowing “phantom properties” to become far too commonplace across the rental market.
Fareed Nabir, founder and chief executive of LetBritain, said: “Today’s research presents a number of concerning insights into the difficulties faced by the Britain’s vital landlord community. It is obvious that landlords up and down the country feel let down by the current property letting system and it is concerning to see that high procedural costs are causing landlords to take otherwise unnecessary risks.
"Clearly a faster, more affordable and transparent system is required to support the market of 2017 for both landlords and tenants.”