Together Financial Services: FY21 Results

Together Financial Services Limited (‘Together’ or ‘the Group’), one of the UK’s leading specialist mortgage and secured loan providers, is pleased to announce its results for the year ended June 30, 2021.

Commenting on today’s results, Gerald Grimes, Group CEO Designate of Together, said: ” Together continued to build on our strong momentum during the year, with lending levels in the second half up 130.8% on H1 and returning to pre-pandemic levels in June and July. We also delivered increased profitability and cash flows , while accelerating our modernisation and transformation projects and adding significant funding headroom as we shape our business for an exciting future.

” At the start of our financial year the UK was still in its first lockdown, the property market was only just reopening, millions were furloughed, millions more deferring their mortgage payments and development activity had all but ceased. Against this backdrop, we have continued to increase our lending levels during the year , with average monthly originations rising from £59.0m in the first half to £136.2m in the second half and reaching £190.3m in June. This contributed to the Group delivering increased underlying profit before tax of £149.7m and annual cash receipts of £1.7bn in the year. It has taken common sense, logic, a calm approach and decisive actions to navigate through this unprecedented time and these results are a testament to the extraordinary efforts of our colleagues over the last 12 months.

” We have also added significant additional scale and depth to our funding structure, raising or refinancing over £1.3bn of facilities in five transactions during the financial year, including issuing the first small balance commercial real estate mortgage backed securitisation in the UK since the Global Financial Crisis . Since the year end, the Group has issued its first dedicated facility for non-performing loans, Brooks ABS, and in September we refinanced our HABS warehouse facility and priced our inaugural first-charge only RMBS to leave the Group with funding headroom of over £1.4bn.

“While the economy is performing much better than expected and is forecast to grow strongly, we expect that following government Covid-19 support schemes being withdrawn and increased changes in employment status many people may find themselves in a different position to how they entered the pandemic. With robust levels of capital and liquidity , Together is well placed to help increasing numbers of customers to realise their ambitions and to play our part in supporting the UK’s economic recovery. ”

Financial performance: year ended June 30, 2021

  • Group loan book of £4.0bn, down 3.6% compared with 2020 (£4.2bn), with weighted average indexed LTV remaining very conservative at 52.1% (2020: 54.9%)
  • Continued to build momentum in lending levels throughout the year following temporary pause in new lending at onset of the pandemic
    • Average monthly loan originations of £136.2m in the second half of the year, up 130.8% on £59.0m in the first half, with quarter-on-quarter growth throughout the year
      • Lending returned to pre-pandemic levels in June and July 2021, at £190.3m and £172.9m respectively
    • Average monthly loan originations for the year down 30.6% to £97.6m (2020: £140.7m)
  • Weighted average origination LTVs remain conservative at 59.8% (2020: 57.7%)
  • Interest receivable and similar income down 4.5% at £370.9m (2020: £388.4m) as a reduction in the size of the loan book and a reduction in yield across the loan portfolio
  • Underlying net interest margin remained attractive at 6.2% (2020: 6.6%) despite continued competitive market conditions and reflecting the shape of the loan book throughout the period
  • Annualised cost of risk has decreased to 0.4% (2020: 1.7%) due to a reduced impairment charge during the year as a result of the improved macroeconomic outlook
  • Underlying profit before tax was up 26.3% to £149.7m (2020: £118.5m)
  • Cash generation remained robust, with cash receipts of £1.7bn (2020: £1.6bn) as redemption levels remained strong

Shaping the business for the future

  • Continued to progress a number of key modernisation and transformation projects to streamline application journeys, improve user experiences for our customers and intermediaries and increase operational efficiency including:
    • An ‘affordability unlock’ tool to allow underwriters to easily identify and track changes to affordability information provided by brokers or customers, providing process efficiencies for the business.
    • The implementation of an electronic underwriting file (e-file), superseding the need for paper files to be created, distributed and sequentially updated. This has led to operational efficiencies and more robust data and operational controls, and enhanced dashboards to monitor service levels.
  • In parallel, strategic projects are also underway to update specific core systems
  • Appointed an ESG consultancy to formalise our ESG strategy in line with our purpose and vision for the future

Significantly increased scale, diversity and maturity of funding

  • Successfully raised or refinanced over £1.3bn of facilities to support the Group’s lending activities:
    • Jul’20: issued Together ABS 4, our fourth and largest RMBS, raising external funding of £360.5m with 81% of the notes rated AAA on issuance
    • Sep’20: maturity date on the undrawn £71.9m revolving credit facility was successfully extended from June 2021 to June 2023
    • Jan’21: successfully issued £500m 5.25% Senior Secured Notes due 2027, to redeem £350m 6.125% Senior Secured Notes due 2024 and support further growth in lending
    • Mar’21: issued £200m small balance commercial real estate mortgage backed securitisation, the first such issuance in the UK since the Global Financial Crisis 79.75% of the issued notes were AAA rated
    • Jun’21: completed Together CRE 2 transaction, raising external funding of £241.6m with 80% of the notes AAA rated following the demand arising from the first small balance commercial real estate mortgage backed securitisation
  • Maintained fund raising and refinancing momentum post year end:
    • Jul’21: launched Brooks ABS, the Group’s first dedicated facility for non-performing loans, for £96.2m
    • Sep’21: refinanced £525m HABS small balance commercial real estate warehouse facility extending maturity to September 2025
    • Sep’21: priced inaugural 1st charge only RMBS, TABS 2021 1st1, for £318m
  • Pro forma Facility Headroom1 increased to £1,435m at 30 June 2021 (30 June 2020: £406m) and immediately accessible liquidity of £453m at 30 June 2021 (30 June 2020: £145m)
  • S&P revised outlook from Negative to Stable on Together Financial Services Limited and Bracken Midco PLC

CICM launches commercial development Programme

The Chartered Institute of Credit Management (CICM) has today launched its commercial development partnership programme, allowing in-house credit control teams to integrate a chartered training programme into their work schemes.

The new programme is the culmination of multiple trials with corporate partners to ensure team members are getting the most from the programme. It will enable businesses to tailor their in-house training to suit multiple experience levels, as well as languages and geographies.

The scheme will not only be tailored to individual partner needs but ensure that all team members enrolled get the maximum amount of training, including face-to-face learning, access to a back catalogue of recorded training, and interactive workshops and networking events. The programme is being launched due to the shift in learning during the pandemic, and the fact that teams are continuing to work remotely.

Johnson & Johnson, the American multinational pharmaceutical conglomerate, was one of the first development partners to join the initial scheme three years ago. Since then, three separate cohorts consisting of 60 colleagues in total have taken part in the programme.

The initial development partnership trial between Johnson & Johnson and the CICM was formed in 2018 and launched with a trial of 10 students in Prague, one of Johnson & Johnson’s European global finance hubs.

Olivier Theodore, Senior Finance Manager – Invoice To Cash at Johnson & Johnson said whilst the initial partnership was formed as a trial, the results led to the renewal of the programme in 2021: “The development programme has been great success not only for our business but also for our team members. We’re now able to provide them with the opportunity to learn at their own pace whilst continuing to progress in their career.

“Whilst the initial class proved to be a success, we’ve seen improvements every year thanks to the collaborative nature of the programme. We’re able to enact change in certain elements of the training to ensure we’re getting the best out of the programme for the learners. We’re looking forward to enrolling our fourth cohort in the coming months.”

After a successful initial cohort and learnings for both parties, the CICM has developed the programme based on feedback directly from students and from Karen Tuffs (Local Senior I2C Credit Controller, EMEA Vision) Johnson & Johnson’s programme coordinator.

Sue Chapple, Chief Executive of CICM said the programme will give corporate partners more flexibility whilst giving learners greater access to training: “We know that learning whilst progressing in one’s career can be difficult, but a partnership programme like this will allow students to learn at their own pace as well as providing our partners with a global programme to support their teams in their own professional development.

“Employees, now more than ever, are looking towards their employers to provide them with opportunities to progress and this programme gives both parties the flexibility to do just that.”

Whilst all development programme packages are tailored specifically for the individual partners, all employees enrolled will be granted a CICM membership which will include a wide range of support options and benefits, including:

  • Relevant E-learning and training webinars
  • Virtual interactive workshops
  • Recorded Bitesized training
  • Face-to-face training
  • Apprenticeships and Ofqual recognised qualifications
  • Connections to network and share best practice
  • CICM Mentor Hub
  • Credit Management magazines
  • Recognition through CICM membership grades (FCICM, MCICM and ACICM)

Inflation takes breath-taking leap, surging at fastest rate in over 20 years

The Consumer Price Index measure of inflation surged to 3.2% in August (up from 2% in July).

This is the biggest jump ever recorded for this index (which started in 1997).

Part of this is due to the ‘Eat Out to Help Out’ scheme running last August, which pushed prices down significantly a year earlier, and will drop out of the figures next month.

But some of it is down to big rises that look set to stick around – including food, petrol and cars.

The Bank of England expects inflation to hit 4% by the end of the year.

The ONS has released inflation data for August: Consumer price inflation, UK: August 2021 – Office for National Statistics.

Sarah Coles, personal finance analyst, Hargreaves Lansdown said: “Inflation has taken a breath-taking leap, surging at its fastest rate in over 20 years. It was given a significant shove by the Eat Out to Help Out scheme discounts a year earlier, which will drop out of the figures next month. However, much of this enormous jump is powered by the same alarming imbalance between supply and demand that has seen yawning gaps open up on the supermarket shelves. It spells trouble for shoppers, savers and the broader economy.

Why inflation has risen

“Some of this is temporary, because 0.4 percentage points of the rise is an artificial blip caused by the Eat Out to Help Out scheme, which offered a 50% discount on food and non-alcoholic drinks. A year ago it pushed inflation lower, and naturally a year down the track it has pushed it higher. This only lasted a month, so will feed out of the figures quickly. Prices were also depressed a year earlier by the reduced VAT rate for the hospitality sector.

“But other changes look set to stick around. Petrol prices fuelled much of the rise. This time last year they had risen slightly from rock bottom to 113.1 pence per litre, but by this August they had shot up to 134.6 pence per litre, their highest in eight years.

“Used car prices also drove some of the change. They were up 4.9% in a month, and up 18.4% since April this year. Demand for cars increased as we looked for alternatives to public transport in the wake of the pandemic, and with a shortage of computer chips causing long waiting lists for new cars, we piled into the second-hand market. Meanwhile, there are fewer used cars coming to the market because people have extended their leases, and the shortage of new cars mean fewer part-exchanges.

“Food prices are starting to creep up too. These are relatively small rises in prices across the basket, which are being compared to falls a year earlier. However, it’s likely to be a sign of things to come. We’ve had plenty of warnings from retailers that prices are on the march, and the ONS highlighted reports of supply chain problems, coupled with higher demand from people freed from lockdown and cranking up the BBQ.

What happens next?

“This is the million dollar question. The Bank of England expects it to hit 4% towards the end of 2021 and then drop, as the impact of the first lockdown and supply bottlenecks drop out of the figures. However, some of these trends aren’t going anywhere fast, and with warnings of prices rising, and supply chains creaking, there’s a risk some of this inflation is here to stay. There’s also the chance of possible wage rises as vacancies hit record highs, and when price and wages feed into one another, the only way is up for inflation.


“We can’t beat inflation in a normal savings account at the moment, but that doesn’t mean we should give up. Our research shows that by far the most common reason for people not switching their savings at the moment is that they think rates are too low to bother with, mentioned by 42% of people, but there’s a world of difference between a miserable easy access account paying 0.01% from a high street giant and the best on the market – which offers 65 times the interest (Tandem Bank offering 6.5%).”

The economy

Susannah Streeter, senior investment and markets analyst, Hargreaves Lansdown said: “Already prices paid by consumers are rising well above the target rate but it’s also the 5.9% increase in the price of goods bought and sold by UK manufacturers which will be unpalatable food for thought for policy makers at the Bank of England. For months members of the monetary policy committee have been reading from the same menu, underlining that higher prices should be transitory. But with producer price inflation soaring, shipping costs showing little sign of cooling, commodity prices heating up, and vacancies tipping one million, there is a growing chance that one mess of a hot dinner could be arriving on their plates.

“Producer prices for August show a 1.4% month on month jump in prices of manufactured goods and although for now a lid is still being kept on the prices of food on the shelves, some wholesalers and retailers have already warned they can’t keep absorbing higher costs and they will have to pass them onto their customers. If higher prices linger, more members may move quickly to vote for a rate rise sooner than expected next year, but it would be an unpopular course of action with looming tax rises already hard to digest for many consumers.”

Time’s up – new research reveals almost three quarters of businesses don’t have the skills to succeed in a post pandemic world

A new study into the concerns business leaders in the UK currently hold in relation to a post-pandemic world, has highlighted that a staggering 73% of businesses don’t believe they have the skills needed to succeed. The research has shown that communication skills are where the gaps lie with 50% of business professionals picking up bad habits over lockdown.

Commissioned by global sales, negotiation and communication experts, Huthwaite International, the report shows that businesses feel remote working has had a positive impact on their business and will continue to do so in the future, however 80% believe their team require further training to take advantage of the new virtual landscape and improve business success.

When looking at what worries businesses most about trading in a more remote world, maintaining team motivation ranked as the highest concern.

Improving communication skills also ranked as a priority amongst businesses in the post-pandemic world as 90% stated that improving communication skills were important for the future of their business, with nearly half revealing it to be business critical. Over 90% of businesses also stated virtual communications is an important part of their business now and for the future.

Tony Hughes, CEO at Huthwaite International said: “Gaining the skillset and knowledge to survive in a post-pandemic world is vital for business success. There are ample businesses in the UK that should prosper following the pandemic, but the importance of challenging old patterns of behaviour shouldn’t be underestimated.

“There’s no doubt that across all sectors and industries, things are changing and businesses are adapting to a new way of working. The most predominant of all changes is the way in which we communicate. The world has gone virtual and improving the verbal communication skills needed to be able to communicate effectively and professionally in the new virtual way of working is fundamental for ensuring business success in the post-pandemic world.”

New hybrid working philosophy launched by Atradius

Trade credit insurer Atradius has launched a new hybrid-working policy giving staff flexibility to work from home over the long term.

The new way of working will offer Atradius staff the opportunity to spend up to 40% of the time working remotely. The ‘hybrid working philosophy’ was developed by Atradius in consultation with staff, with a clear preference identified for maintaining an element of remote working. The opportunity to work remotely will be voluntary, giving staff a choice of where they work.

Anne Middleton, Head of HR for Atradius UK and Ireland commented: “Flexible working was already a growing movement for companies, albeit far more gradual than we’ve seen over the past 18 months. The pandemic acutely accelerated this trend and fast-tracked the implementation of infrastructure to support routine home working. At Atradius, the way our staff continued to run the business almost fully remotely during the pandemic was impressive, embracing new technology and new ways of working to operate and communicate effectively. However, facetime is irreplaceable in allowing us to maintain the strong relationships with customers and brokers we are renowned for as well as being able to innovative and collaborate over the long term. Therefore, a hybrid solution between working in the office and remotely provides the ideal balance to benefit from the best of both worlds.”

To support hybrid working, Atradius has launched a new support programme including wellbeing webinars, social connectivity initiatives and light ‘how-to’ workshops designed to equip staff with the skills to work remotely effectively and instil Atradius’ culture. This follows the rollout of a new technology and communications infrastructure as well as full-scale IT support and training. While the hybrid working philosophy is stable, as a new structure it will continually be reviewed to ensure it evolves to best meet both the needs of staff and the wider business.

Anne Middleton added: “Good mental health and staff engagement rank very highly among our core values at Atradius. We believe the flexibility of a hybrid working philosophy offers a better equilibrium, enabling staff to feel more fulfilled, achieve a better work-life balance while boosting productivity and efficiency.”

Two thirds of businesses feel ‘let down’ by their banking provider during Covid-19 crisis

Over two thirds (66 per cent) of small and medium sized enterprises (SMEs) have said they felt let down by their banking provider during the Coronavirus pandemic, according to a new survey. The data, collated by researchers from the Parliament Street Think Tank, indicates that the disconnect between businesses across Europe and financial services organisations has widened since the beginning of the pandemic.

The team of analysts conducted telephone interviews with 250 SMEs across the UK, France, and Germany in August 2021. Industry sectors involved in the research included manufacturing, food and beverage, retail, and professional services.

Interestingly, 55 per cent of SMEs said they are actively considering seeking a new provider as a result of poor services during the pandemic. Additionally, 76 per cent described their banks’ payments processes as ‘expensive and inefficient’.

Over half (56 per cent) of all respondents stated that they think their bank does not prioritise their needs. The research also revealed that 34 per cent are seeking a specialist financial provider to give them access to tier one banking services and offer more financial options.

As the bitcoin trend continues to build traction, 51 per cent would consider investment in cryptocurrency this year, proving that SMEs are starting to consider alternative investment models. Whilst over half (56 per cent) said that they need access to credit or loans in order to grow this year.

A surprising 67 per cent say their bank offers a limited suite of financial services and almost half (42 per cent) say they struggle to access professional consultancy about their business needs.

Justinas Basalykas, CEO of banking services provider SH Payments says: “SMEs are the lifeblood of the global economy, and its shocking that so many feel disappointed in the support offered to them by banks over the last year. As businesses begin to rebuild and reboot with even more digital approach and international interaction, getting access to capital and cross-border payments services is critical for expansion and job creation.

“Key to this effort is not only giving them access to agile financial services such as e-wallets, apps supported payments and other cutting-edge technologies, but also by connecting them with well-established world-leading banking and financial services which otherwise wouldn’t be available to them, enabling smooth and effective payments processes.”

FLA welcomes new Public Sector Leasing Framework that was shaped with the help of the industry

The Finance & Leasing Association (FLA) has welcomed the launch of Crown Commercial Service’s (CCS) new Leasing and Loans Finance Dynamic Purchasing System – the objective of which is to simplify the leasing process for public sector customers and asset finance providers.

The Leasing and Loans Finance DPS (Dynamic Purchasing System) will act as a funding platform providing buyers across the entire public sector with access to a range of lenders who fund different assets.

The FLA and its members have been involved in discussions with CCS since the inception of the new system, and the end result offers a large degree of flexibility – lenders can choose which area of the public sector to fund, the funding option, the asset class and asset value.

In addition, CCS’ Strategic Account Managers will be working with public sector customers to build awareness of the new system and explain how it can support their organisations’ requirements.

Simon Goldie, Director of Business Finance at the FLA, said: “We will obviously need to see how the system operates in practice, but this looks like a very useful tool for both public sector customers and lenders.

“CCS have been very focused throughout on finding a good solution. They took the time to talk to the experts and are now actively promoting the system within the public sector. This bodes well for the future success of the DPS.”

Crown Commercial Service (CCS) supports the public sector to achieve maximum commercial value when procuring common goods and services. In 2020/21 CCS helped the public sector to achieve commercial benefits equal to £2.04bn – supporting world-class public services that offer best value for taxpayers.

People more confident about their household finances but admit they need to save more – research reveals

The Toluna Financial Services Sentiment Indicator (FSSI) is a bi-annual study exploring key issues related to the UK population’s personal and household finances, attitudes towards financial institutions in the UK and behaviours in relation to personal finances. The latest research surveyed a nationally representative sample of 1,081 members of the UK public.

Financial responsibility and resiliency

After a tough 18 months, people are starting to feel more confident about their personal finances. With limitations on where we can go and how we can spend our money, there’s been greater opportunities to save money and spend less. The pandemic has highlighted the need to become more financially secure:

  • One in three (33%) said that, overall, their household financial situation has improved over the last 12 months.
  • 25% of respondents said their household savings have actually increased in the last 12 months. When asked if they are looking to spend this money on a big-ticket item, such as a car, house, dream holiday or wedding etc. over the next year, over half (52%) said that they are not planning to do this.
  • More importantly, 1 in 4 (24%) of those who say their financial situation worsened in the last 12 months feel optimistic about the situation improving in the next 12 months.
  • When asked about their top 5 current financial worries, 1 in 4 (23%) mentioned not saving enough or not having enough savings for an emergency/rainy day.
  • 23% also said that they’re worried about not saving enough or not having sufficient savings for retirement.
  • Almost two fifths (38%) claim that they would have to borrow from friends and family as their savings would only last one month or less.

Worries about the economy – inflation a key worry

While those surveyed said they feel more positive about their current and near-future financial situation, the rising cost of living remains a key concern:

  • 34% of respondents are most worried about the rising cost of household bills.
  • A quarter (25%) cited increasing inflation as a key worry and this is clearly a ‘top of mind’ issue for people and adds to the growing pressure on the Bank of England to act.

Understandably, those who are more likely to say that they are worried about their finances are single parents with children under the age of 18 (91%), those in poor health (93%) and those who have lost a job/become redundant (97%).

But the majority of the UK public don’t completely understand inflation and are not aware of exact inflation figures

Although many people are feeling the effects of increasing costs on household expenditure, the majority of the public are not aware of exact inflation figures. With over a decade of low inflation and a low interest environment, inflation has perhaps been a forgotten word in the UK.

  • When asked if they knew the current rate of inflation, almost half of respondents said they didn’t know (48%).
  • Less than 1 in 20 knew the current rate of inflation.
  • When asked what is the Bank of England’s target for inflation that the UK Government has set, two-thirds (62%) were unable to answer and again most answered with an incorrect figure.
  • People also don’t understand the difference between the different measures of inflation such as CPI, CPIH and RPI, with only 14% saying they are clear on what each includes.

Michael Worledge, Head of Financial Services Research at Toluna, said: “While the pandemic has taught us some harsh financial lessons, especially around security and resilience, it also shows where we are still rather quite naïve when looking at the bigger picture from an economy point of view. It is clear that we are all going to be impacted by inflation. The commentary by the Bank of England suggests that the rise in inflation may well be a temporary or transitional change as the economies around the world emerge from an extraordinary year. There is no doubt however, especially as some estimates suggest that the rate of inflation could hit 4% by the end of the year, there is increasing pressure on the central bank to act and tame the rate of inflation. There is also pressure on the Chancellor to balance the books to pay for the biggest peace time spending that we have seen in the UK. How this influences the Government policy making is an area many in the UK are feeling both curious and anxious about.”

UK Manufacturing PMI: Supply chain crisis shows skills shortage is back with a vengeance

Following the release of the latest UK Manufacturing PMI today, Chris Barlow, Partner at MHA, says the manufacturing recovery risks being derailed by supply chain issues, caused in large part by labour shortages: “Demand is encouragingly high within the manufacturing sector but there is major concern with supply chains. We are hearing stories of many unfulfilled orders as shortages of materials and workers hit the whole economy. A scarcity of freight and the Government’s refusal to allow drivers to be termed “skilled workers” to facilitate overseas recruitment is responsible for many of the logistical difficulties. In addition, the combination of global semi-conductor shortages, the pingdemic, tax changes and summer shutdowns is depressing output.

“If this pressure is not eased supply chain shortages will lead to inflation, which will have further negative consequences for the whole economy and for manufacturing, the sector which has been leading the way in terms of recovery. Manufacturers need to review the resilience of their supply chains as a priority and if they haven’t already started they need to begin now, as this can be a slow process.

“The worsening situation requires short-term assistance from the government far beyond their recommendations for manufacturers to shore up supply chains with workers due to come off the furlough scheme when this closes at the end of September. It’s highly unlikely these workers have the skills required or can be trained in the requisite timescale. This is part of the perennial skills shortage that has remained the main problem within manufacturing for many years. While this has proven to be a hard problem to solve, part of the answer could be increased tax incentives for companies to really invest in the retraining of workers coming off furlough at the end of September to address the stark supply chain issues and enable manufacturers to meet future demand.”

New Statistical Briefing Shows Drop in Tenancy Deposit Disputes During Covid

The latest Statistical Briefing from the Dispute Service shows that deposit disputes occurred in just 0.70% of tenancies in England and Wales during 2020/21, which is likely due to the Covid-19 pandemic.

The industry renowned report, which is published every year, presents data from a range of factual sources including Freedom of Information (FOI) data and statistics collated internally at the Dispute Service including tenure, the average value of tenancy deposits, the leading cause of disputes, and more.

The report also reveals statistics internally monitored by Tenancy Deposit Scheme (TDS), TDSNI and SafeDeposits Scotland, as well as insights into the wider private rented sector (PRS) in England & Wales, Northern Ireland and Scotland.

The report, written by the Dispute Service Chief Executive Steve Harriott, reveals other insights into the broader PRS. It shows that the private rented sector has continued to outgrow the social renting sector, and that total deposits in England and Wales in the PRS have increased to 4.2 million at March 2021. This equates to a value of £4.3 million in deposits held for private tenancies in 2021.

Cleaning continues to be the prominent reason for disputes and accounted for 49% in England & Wales, 42% in Northern Ireland and 70% in Scotland during the 2020/21 period.

Steve Harriott said: “Our annual Statistical Briefing reveals interesting industry trends in the private rented sector and highlights the impact of Covid-19 in all regions of the UK. Transparent, factual data has never been more important, and this report is just one way we play our part in instilling trust in the private rented sector.”